I thought of a use of this item, but was unsure if it was legal:
Say I am a level 2 witch in possession with this statue traveling with a level 4 witch and we elect to trade spells. My companion has access to spells of a level I do not, and therefore cannot learn. Could he, in theory, tech them to my statue so that, when I reach applicable level, I can learn them from the statue and teach them to my familiar? This would allow the statue to function as a 'magical flashdrive' to retain information until later use.