This article examines the role that the London 2012 Festival played in constructing and contesting the 2012 Olympic spectacle by considering two projects proposed by Danish-Icelandic artist, Olafur Eliasson: Take a deep breath and Olafur Eliasson: Little Sun. I propose that the former, which failed to gain funding and never made it onto the Festival line-up, would have produced a ‘counter-spectacle’ to the Olympic spectacle, should it have come to fruition. I contend that the latter, produced at London’s Tate Modern, provided an ‘anti-spectacle’ to the Olympic spectacle. The article considers what the respective ‘failure’ and ‘success’ of these projects begins to unveil about current developments in art, performance and global spectacle. I argue that while both projects aimed to challenge and diffuse the state-centrism of the Olympic Games, they are also indicative of the London 2012 Festival’s legitimisation of spectacle, rather than its contestation.