Freiburg's Historical Merchants’ Hall (Historisches Kaufhaus) was a covered market with four rulers on its balcony. Work began in 1520 on the deep red building, where merchants sold everything under one roof, and the city collected customs fees on the goods.
The rulers are Emperors Maximilian I, Charles V and Ferdinand I, plus Philip, King of Spain. The statues date from 1520 too, but the ones you see are copies. The originals were thought too valuable to leave out in bad weather, so they are kept elsewhere. Behind one of four medieval arcades, a gate leads to a courtyard that opens only on special occasions.
VoiceMap’s Old Town Freiburg tour stops here to explain what the hall was for, who watches over it from the balcony, and what the statues really are.