The Ringatu III artwork in Alison Park has been dismantled and removed for restoration.
The steel artwork by New Zealand sculptor Paratene Matchitt, was purchased by the Waiheke Community Board from the Sculpture On the Gulf exhibition in 2005.
A team from Auckland Council Public Art department decided restoration was required after the artwork was hit by taggers.
An independent restoration and conservation report showed the graffiti had been made deep enough to affect the metal and would cause further deterioration if the damage to the sculpture was simply painted over.
The cost for the report, removal, restoration and reinstallation of the Oneroa artwork is estimated to be around $8000.
The repairs will be covered under the remedial works budget of the Auckland Council's public art team.
Waiheke Local Board chairwoman Faye Storer says the restoration work is another cost to the ratepayer from "mindless" vandalism.
"This vandalism, along with the regular trashing of bus shelters and road signs across the island is a burden on the ratepayer and an indictment on the community.
"Ratepayers across the region are now paying for this destruction.
"It is particularly disappointing when public artworks are targeted."
The council has put up a sign on the site explaining why the sculpture was removed and saying it will be back soon.
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