The sculpture - called Doctrines, by artist George Watson - was due to be part of SCAPE Public Art Trust's summer season exhibition.
The steel piece drew inspiration from Christian symbols, agricultural branding irons, Victorian fretwork and traditional Māori patterns.
It was installed in the central city on Thursday morning and disappeared overnight.
SCAPE executive director Rachel Jefferies said the piece weighed about 100 kilograms and was screwed into the ground.
SCAPE said it has now been retrieved by police not far from its original site.
The sculpture will now be stored until engineers determine how to stop it from being taken again.
Earlier Jefferies said they were feeling for Watson and those who helped make the sculpture, which had been produced for everyone to enjoy.
"It's also deeply disappointing for Christchurch."
The trust said it was the first time in its 27-year history an artwork had been stolen.
