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Correct. Someone else below shared this link.

"The Forestry Commission, who are looking after the area, decided that it would be a good idea to have a memorial to the tree and left a 50ft stem when they felled it," said Mr O'Rourke, who has called his work the Giant Hand of Vyrnwy. "They invited eight artists to tender for the job and I got it." He said the hand carving was in an area of the estate known as The Giants of Vyrnwy, and the location had inspired him.

So, it was bound to be made into something or another - seems like a win like you said!