The statue master is the statue in Lookout Point that moves with the time. At sometime during the night, I believe it's 11pm, he points to Bowerstone and you can then open the trap door behind the tavern. At sometime during the day, I believe it's 11am, he points to Greatwood and a chest appears on the little path to the west just after the entrance.
--- Pictures of: GT4,GTA SA, AC, Halo 1&2, Tourist Trophy, And more. http://s174.photobucket.com/albums/w116/BC144601/