The statue of landscape and portrait artist Thomas Gainsborough was originally unveiled in his birthplace of Sudbury in 1913.
The event, organised by the Gainsborough's House Museum, was re-enacted by people in costume.
A crowd of about 300 watched as some women also dressed as suffragettes to reflect the 1913 theme.
The national monument to Gainsborough (1727-1788) was sculpted by Bertram Mackennal and was originally unveiled by Queen Victoria's daughter Princess Louise on 10 June 1913.
Mark Bills, director of Gainsborough's House, said: "It was a great success and a good feeling of community was generated in the town.
"He was a landmark figure who made British art international and established an English school of landscape painting which later included John Constable, who was greatly influenced by him.
"If they'd put the national statue in London, he might have got lost among all the other statues, so it was appropriate that he's here in the landscape he painted."
A statue commemorating one of Britain's most famous artists has been unveiled again to mark its 100th anniversary.