Position sculpture, replacing the pedestal (6)

I believe the answer is:

status

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'position' is the definition.
(one's status or standing)

I don't understand how the rest of the clue works.

(Other definitions for status that I've seen before include "Standing position, perhaps" , "Position eg in society" , "Class" , "High social standing" , "Reputation" .)

I've seen this clue in The Guardian.

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