This is sort of a bizarre photograph (not that that's always a bad thing). I'm guessing the elephant was carved out of wood, but one can only guess given that the sculpture is out of focus. The suspended nature of the chisel is weird. It's kinda twilight zone-ish, which isnt very appropriate given the subject. The shadow of the chisel on the back wall is distracting to me. I really don't know what to tell you to do to improve the photo. Perhaps recompose with a sculpture that is clearly made of wood...maybe partly completed. Also, I would take a more downward angle toward the subject. This sort of subject usually looks best when taken at a natural point of view, as from the eye of the woodworker.
Great stoped action. I also like the shadow on the back wall. I would clone out the elephant, and crop some of the left of the photo. Then it would be perfect. Elephant should not be in there at all. Hurts the photo