Surfing culture is big in Santa Cruz, and for many years the city was in a feud with southern California's Huntington Beach over which place had the legitimate right to call itself "Surf City." In the end, Huntington Beach won because they were first to register it legally, but you'll still see signs around Santa Cruz proclaiming that they're the "real" one. Judging from the number of surf shops in town and the crowds you'll see bobbing in the surf at almost every beach, they've got a point.
This statue, titled "To Honor Surfing," sculpted by Brian W. Curtis and Thomas Marsh is on West Cliff Drive just above Steamer Lane.