It is located on the left side of Mercer Frey's desk in his hidden office and its only use is to be sold to Delvin Mallory for a leveled amount (400-800) of gold. The easiest way to get it is to pick it up when doing the quest "The Pursuit."
This section contains bugs related to Bust of the Gray Fox. Before adding a bug to this list, consider the following:
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PC 360 PS3 When the Bust of the Grey Fox is acquired, the quest may not update, and Delvin will not accept it.
PC 360 PS3 When the Bust of the Grey Fox is acquired, if other Larceny targets are ready to be turned in from the inventory, they may be listed as completed. This makes it impossible to remove them from your inventory and get the gold reward. They are also not stored on the shelf.