The first total synthesis of erythroskyrine, a polyenoyltetramic acid mycotoxin and principal pigment of Pénicillium Islandicum Sopp., is described using a palladium(n) catalysed oxycarbonylation to create the furan-derived bicyclic portion 3 and the phosphonate ester 5 to furnish both the polyenoyl chain and the N-methyl (S)valine derived tetramic acid terminus.