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The statue is apparently made of bronze and is about two feet tall. It depicts a stout man with a beard holding a book. The man bears a merry smile.
This ter'angreal holds records of thousands of books, most likely from the Age of Legends. Channeling fire and earth into the figure causes the words "Ansoen" and "Imsoen" to appear above it, Old Tongue for "fiction" and "non-fiction". The bearded man was later used by the White Tower to research the consquences of breaking the remaining seals but the books were all from before the breaking of the world. 
Jordan confirmed in a question-and-answer session that this is a self-insert cameo.