Modelled from how he looked when he was to embark on Sirius 2000, hence the beard.
It was originally placed in a park in Brasilia, but vanished. It was later found in a lake and has now been restored - including having the ears cleaned as Frederik jokingly pointed out.
Frederik obviously isn't used to seeing busts of himself, I guess he isn't sufferering from this syndrome:
(I've been longing to use that smiley!)