1989 : Yugo files for bankruptcy
Students at the School of Visual Arts in NYC were given the assignment to give new purpose to the now useless Yugo; they were displayed at an LA auto show in 1996Global Motors, the American company that imported the Yugo, filed for bankruptcy. The Yugo was a Yugoslavian-made economy car that sold for thousands of dollars less than its nearest competitor. Its astonishingly low price made it a popular car for a few years in the mid-1980s, but the car's flaws soon became apparent. It was underpowered, unreliable, and, famously, you could punch holes in the body with a wooden pencil. The cars were also poorly warrantied, to the dismay of thousands of disappointed Yugo owners.