The pink bikes have survived the wrath of the City and have multiplied. I think they bring some much needed vibrancy to the downtown core and they don't mark up anyone's walls. This one, photo at top, is on Yonge Street while the following photo is from Lake Shore Boulevard.
The art installations were started by Caroline Macfarlane from the Ontario College of Art and Design University (OCAD) (you know the checkered shoe box on coloured straws) who took a long abandoned bike, added some creativity and just a little pink paint and voila, you had a pissed off City Hall. When the City threatened to remove this bike (when it seems like we have hundreds of picked over, abandoned bikes throughout town slowly rusting away, missing tires and other assorted parts) a public outcry that forced the bureaucrats to change their collective minds. The installations have multiplied throughout Toronto and have appeared in many shades and are providing some needed colour to the greys of the urban metropolis.
Now you can even find green bikes, white bikes and gold bikes in Toronto.
I think the Bollywood style covered tricycle on Queen Street West may actually be one of the first bike installations that I remember seeing (it might actually be a working bicycle and not a permanent installation).
Here is a lime green bike in Trinity Bellwoods Park