This sculpture located in the southeast corner of Central Park was created by Michael Sailstorfer. It is inner tubing knotted around a steel beam and is called "Tornado." It stands 30 feet high and really grabs your attention despite all that's going on in that part of New York.
Like most public art, I appreciate it much more if I know something about the artist and his/her motives. You can read about Tornado and the artist himself at this website: http://www.publicartfund.org/michaelsailstorfer/about/. The website itself is pretty cool.
