When I saw this Flyer article in my news reader a while back, I drove right over to N. Watkins and Cleveland to see the sculpture:
The Flyer reports the "large, spinning sculpture made from 51 repurposed bicycle wheels" is named Beacon, is "Intended to serve as the new "gateway" into Crosstown" and that it was installed by artists Eli Gold and Colin Kidder across the street from the long-abandoned Sears Crosstown building.
In another article, the Flyer quotes the artists: "In their artists' statement Colin Kidder and Eli Gold describe their whimsical, spherical contribution to the landscape as an "eye-catching kinetic sculpture that moves dramatically in the natural wind and shines brightly with reflected sunlight." Colin Kidder's web site has pictures of his other work. There is information on Eli Gold here.
I love it. It does shimmer in the sunlight.
The Flyer has a more recent article here.
This is #256 on the I Love Memphis blog list of 365 things to do in Memphis.