Yes it does, a bronze one in fact, hanging from a copper pyramid across the street from Hart Plaza, at the corner of Woodward and Jefferson. It resembles a black power fist in 3D, about to land a punch in Windsor's face. The sculpture faces south to symbolize Louis's fight against Jim Crow laws. The fist belongs to Joe Louis. The sculpture, created by Robert Graham as "Monument to Joe Louis", was donated to the city of Detroit by Sports Illustrated in 1986, to celebrate the 100th anniversary of the Detroit Institute of Arts.
The fist itself is 24 feet long and cost $350,000.
In 2004, a vandal covered the sculpture in white paint, which was then cleaned off by the fire department.
some info from detroit.citysearch.com