It is located on the left side of Mercer Frey's desk in his hidden office and its only use it to be sold to Delvin Mallory for 600-800 gold. The easiest way to get it is to pick it up when doing the quest The Pursuit.
- When the Bust of the Grey Fox is acquired, the quest may not update, and Delvin won't accept it.
- When the Bust of the Grey Fox is acquired, if other Larceny targets are ready to be turned in from the inventory then they can be listed as completed. This makes it impossible to remove from your inventory and get the gold reward. They are also not stored on the shelf.