before i donate my 2 cents on this, a quick intro:
i am trained in the neo-classical system of art -- realist nude ladies and antigravity togas are, in fact, what does it for me. i'm not a fan of modern or 'contemporary' art, and dadaism specifically.
now... onto the soap box i go.
what we are looking at here in this fountain is a wonderful example of, as was mentioned before, a STATEMENT. it is a visual communication of the time, the place and the person that created it. what it is is secondary.
once upon a time (say... 200 years ago...), people more often painted and sculpted stories and characters in religion and history. because these were common known topics at the time, the viewers of that day didn't need to really interpret too hard, as the knowledge required to place the scene before them was something the common people shared. or, they were looking at a portrait, which was generally a pretty picture of a person...
but, lo and behold, with the industrial revolution comes a shift in perspective. the art itself becomes more and more irrelevant (sp?) in favour of the thoughts and ideas of the artist. enter expressionism, surrealism-- approaches that emphasise what is to be FELT as opposed to what is to be SEEN. enter modernism and all its cronies, and the whole thing gets flipped upside down-- not just feelings anymore, but really SAYING something.
now, art is rarely about what you're looking at. it's not even about what the ARTIST was looking at. it's about making the statement first. with this stuff having been around for a while, the statements are starting to get REALLY out there (i.e. foil wrapped buildings, red glaciers, etc). we're loosing touch with the meanings behind the older stuff because the statments made back then don't apply as much any more.
what remains true in all cases of art, new and old, contemporary or otherwise, is that the art we buy is often bought for its conversational value. that said, this urinal is more than just a urinal, its a story. i have no idea what that story is myself... if i had to make one up on the fly (no pun intended) it would probably start with the invokation of a rabbi, a priest and a buddhist monk, but that's just me.
i can only wish that someday i will have enough dough in the bank to afford me so frivolous an expendature.
</end soapbox>