Karmelo Bermejo

For the work titled “

“ * the funds granted by the Spanish bank Santander to make an art work were used to speculate with Bankia shares. The capital gains were assigned to the purchase of all the seats of a scheduled flight departing from Europe and bound to Africa, so that it flew empty.

During the summer 2012, in the middle of the euro zone crisis, the Spanish state took control of the Spanish banking conglomerate Bankia, whose shares made its shareholders lose 90% of the money they had invested. In this context, the shares’ value varied strongly, raising up to 30% and then going down deeply during the very same day. This volatile scenario caused by the Hedge Funds of the City of London operating the shares, kept on for several days. It was then when the total amount of the funds granted by the Santander bank was used –through the Botín Foundation– to trade the shares, buying Bankia securities with a raising trend within the day and closing with benefits over its value the next day. The capital gains were assigned to purchase the seats of a scheduled flight in high season that took off in the night of the 24th August, at 11.30 pm, from Barcelona to Tunis, so that it flew its way empty.126 boarding passes, framed according to the position of each seat inside the plane.

Five receipts of the Stock Market operations.

17,8 x 14,1 x 2,6 cm each one

2012-2013

*126 spaces, as many as empty seats.

	For the work titled “ “ * the funds granted by the Spanish bank Santander to make an art work were used to speculate with Bankia shares. The capital gains were assigned to the purchase of all the seats of a scheduled flight departing from Europe and bound to Africa, so that it flew empty. During the summer 2012, in the middle of the euro zone crisis, the Spanish state took control of the Spanish banking conglomerate Bankia, whose shares made its shareholders lose 90% of the money they had invested. In this context, the shares’ value varied strongly, raising up to 30% and then going down deeply during the very same day. This volatile scenario caused by the Hedge Funds of the City of London operating the shares, kept on for several days. It was then when the total amount of the funds granted by the Santander bank was used –through the Botín Foundation– to trade the shares, buying Bankia securities with a raising trend within the day and closing with benefits over its value the next day. The capital gains were assigned to purchase the seats of a scheduled flight in high season that took off in the night of the 24th August, at 11.30 pm, from Barcelona to Tunis, so that it flew its way empty.126 boarding passes, framed according to the position of each seat inside the plane. Five receipts of the Stock Market operations. 17,8 x 14,1 x 2,6 cm each one 2012-2013 *126 spaces, as many as empty seats.
	“ " * The funds granted by the Spanish bank Santander to make an art work were used to speculate with Bankia shares. The capital gains were assigned to the purchase of all the seats of a scheduled flight departing from Europe and bound to Africa, so that it flew empty. 2012 126 boarding passes, framed in two panels. *126 spaces, as many as empty seats.
	126 boarding passes, framed in two panels 208.5 x 48 cm

. by Karmelo Bermejo at