This is a proper stand for bicycles, which is not very common in Iceland. This is actually the first I have seen, it is outside the high school in Garðabær. We went there to give a girl a yellow umbrella which she had asked for on the internet, seems it was impossible to buy a yellow one in Reykjavík. It so happened that we had one we didn't need.
It was a very busy day, as it was the only full day in Iceland before we leave for SA. The e-car had to be serviced and then it had to be over night because some paint  had to dry. This upset our plans quite a lot, but I supposed it worked out in the end.