A Buddhist statue represents the holy body of a buddha.

Buddhas are invited to abide in statues through a consecration ceremony.  When this is complete, the statue is an actual embodiment of the Buddha, and should be respected as such.

(Maitreya Project is planning to build, in Kushinagar, Uttar Pradesh, India, a magnificent 500ft / 152m bronze statue of Maitreya Buddha, built to stand for 1000 years; see The Maitreya Project for more information.)

“In the future, sentient beings making offerings to statues make the same amount of merit as making offerings directly to me.”    Buddha Shakyamuni to Manjushri

Lama Zopa Rinpoche recommends reciting this prayer when you see a statue of a buddha:

In whatever way you appear, glorious Guru,

With whatever retinue, lifespan and pure land,

Whatever noble and holy name you take,

May I and others attain only these.