Banksy, whose real identity has not been officially confirmed, posted a video on his Instagram account showing its installation under the cover of darkness using heavy machinery.
Best known for his satirical murals, often using a distinctive stencilling style, the artist typically uses the platform to confirm his works, posting images and captions.
A video shared to social media also featured an anonymous passerby giving some critical feedback.
“I don’t like it. That’s a nice statue up there – I prefer that,” the unidentified elderly man says, pointing up the street.
The new statue stands in Waterloo Place, in the heart of central London, close to statues of King Edward VII and nurse Florence Nightingale, as well as the Crimean War Memorial.
‘Intriguing’
The statue’s public unveiling comes just over a month after a Reuters investigation claimed to have confirmed the famously enigmatic artist’s true identity.
It backed up a similar claim by the Mail on Sunday tabloid nearly two decades ago that he is a 52-year-old Briton, born as Robin Gunningham, who later changed his name to David Jones.
The report relied in part on a New York arrest record from 2000, as well as witness testimony from a more recent visit to Ukraine by Banksy.
The artist typically creates a media and public frenzy whenever he reveals a new piece of art, and the new statue was no exception.
“With Banksy, it’s a limited-time event because it’s public art – you don’t know how long it’s going to be up,” said 23-year-old student Ollie Isaac as he joined dozens taking a look.
“I think it’s brilliant,” he told AFP, musing the piece was a response to “the resurgence of nationalism in the world and this country”.
“That suit screams politician,” he added.
Teacher Lynette Cloraleigh, 55, came down after a friend posted about the statue on Instagram.
“I like it,” she said. “I like where it is. (It’s) intriguing how it got here.”
The work is not the first unofficial statue Banksy has unveiled in the British capital.
His work known as The Drinker, which satirised Auguste Rodin’s iconic bronze sculpture The Thinker, was unveiled in 2004 on nearby Shaftesbury Ave.
It was stolen soon afterwards and then endured years of contested ownership.
A spokesperson for Westminster Council, responsible for the area where the new statue has appeared, said in a statement: “We’re excited to see Banksy’s latest sculpture … making a striking addition to the city’s vibrant public art scene.”
The council added it has “taken initial steps to protect the statue”, but for now “it will remain accessible for the public to view and enjoy”.
-Agence France-Presse