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Not by definition. Any person or group of persons can decide to honor something or someone with a monument and pay for that monument and its upkeep. That certainly goes if a monument is placed on privately-owned land. But a municipal council may also agree for that monument to be placed in a public area. Even then it could in proinciple be privately owned.

In practice however, most decisions to have a monument somewhere are taken by some local authority that then also becomes the owner of it.

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