This statue on a grassy hill honors the Norseman who founded the city in 874 AD.The Icelandic Book of Settlements, he built his homestead and named it Reykjavík in 871. The book claims he had heard about a new island that had been found in the Atlantic Ocean. Together with his step brother, he sailed for Iceland. When land was in sight, he threw his high seat pillars overboard - high seat pillars were a sign of chieftainship. So he relinquished his rule, and promised to settle where the gods had decided to bring them ashore. Two of his slaves searched the coasts to find the pillars in the small bay which eventually became Reykjavík. Now why Reykjavik ? Well imagine, at the time that Ingólfur Arnarson arrived in the bay, it hosted a big hot spring. At the sight of this, he decided to name the place: Reykja, meaning smoke, and Vik, meaning bay.