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The sculpture, made from steel and repurposed nails, measures about 25 inches by 30 inches by 30 inches.
The thieves left only a few nails and bits of steel behind, police said.
"It had to be a very determined person, who did this," Lin Lisberger, chairwoman of Portland's Public Art Committee, told the Portland Press Herald. "I have no idea why anyone would do this, unless it was to put it in their backyard."