The demon figurine is the figurine version of the Bloodstone Demon Statue or the Marble Demon Statue. It's rather sketchy looking, if you ask me. I definately wouldn't want one of those hanging around my room!
How to Turn Into a Statue
To turn a figurine into a statue, simply drag it to an android, select which type of statue you would like it to be (Marble or Bloodstone), and press okay. If the required materials needs are met, a statue will be crafted and sent to your inventory!