Festival Art installation?

As well as the Edinburgh Art Festival installations underneath the canal-bridges near our flat (which I mentioned a few days ago), there is another local installation which, I have to admit, is all a bit of a mystery to me!

Just along from the Ashley Terrace Boathouse, on the offside of the Union Canal, there's the pictured clay object - and I'm told it is indeed another installation; and part of the Festival ...

... it's certainly got local residents talking about it, even if its ultimate meaning is all a bit unclear ;-)