In an intriguing juxtaposition of history and economic turmoil, a jaguar now lies beside George Washington. This unusual pairing of the United States’ first president and an Argentine predator rests against the backdrop of a U.S. dollar and a 500-peso Argentine note, bound together like a book. This symbolic artwork, created by artist Sergio Díaz, serves as a poignant commentary on Argentina’s ongoing currency devaluation and staggering inflation rates.
Argentina has experienced devastating economic turmoil and economic downturn over the past year, with the peso losing approximately 60% of its value compared to the U.S. dollar. This depreciation is occurring simultaneously with one of the world’s highest inflation rates, amplifying economic hardships for its citizens. The resulting frustration and discontent have fueled the rise of anti-establishment candidates who admire former U.S. President Donald Trump.
Amid this economic turmoil, a group of artists has chosen to express their concerns and outrage through their craft, using art to shed light on the profound economic damage being inflicted upon the country. Ironically, as these artists channel their frustrations into their creations, their artwork is simultaneously increasing the value of the increasingly worthless Argentine bills they employ as their canvas.
This phenomenon highlights how runaway inflation is reshaping the habits and priorities of Argentines. Middle-class individuals are cutting back on luxuries like beauty parlour visits, while families are turning to secondhand clothing due to fears of rising prices. Those with disposable income are stockpiling essential goods, well aware that prices are set to surge again in the coming months. Paradoxically, restaurants in the capital are thriving because saving money seems futile when each paycheck’s purchasing power diminishes with every passing month.
Sergio Díaz, along with other Argentine artists, leads the “Money Art” movement, using modestly priced brushes and acrylics to transform 10, 20, 100, or 1,000-peso notes into unique works of art. Their creations fetch prices ranging from 40,000 to 70,000 pesos within Argentina and as much as $300 abroad. Stringent capital controls in the country have limited access to the official foreign exchange market, leading to the proliferation of parallel rates.
The artists’ initiative is an attempt to reclaim their currency at a time when Argentine pesos have faced scorn from neighboring countries. Brazilian soccer fans have mockingly torn up peso bills to taunt their Argentine rivals, and Paraguayan exchange offices have started refusing to accept Argentine pesos.
August witnessed a staggering 12.4% surge in inflation from the previous month, marking the highest monthly consumer price increase since February 1991. Compared to the same month the previous year, prices soared by 124%, according to the government’s Indec statistics agency.
Díaz’s artwork featuring George Washington and the jaguar is just one piece from his series titled “The Art of Devaluation,” set to be exhibited in his hometown of Salta in November. Díaz explains that his art embodies an element of transgression and vandalism but ultimately seeks to address the pervasive issue of inflation affecting all Argentines.
Other creations from the artist include portraits of Argentine soccer legends Diego Maradona and Lionel Messi on bills, as well as iconic characters such as Pennywise from “It” and figures from “Harry Potter.”
Fellow artist Cristian English, who began working on bills during the COVID-19 pandemic, has found demand for his work in countries like Paraguay and Chile. His Diego Maradona portrait on a 10-peso bill has garnered particular attention.
Despite the challenges of working with low-quality paper, artists like English remain committed to using the 2,000-peso bills, finding them more affordable than traditional canvases. The economic situation they confront may be unparalleled, but their creativity and determination serve as a testament to the resilience of the Argentine people in the face of adversity.