Select the vertical iron section from the edge of the sign and transform it into a circle using polar coordinates. Make one circle to fit the outside edge of the spokes and another to fit the inside edge of the spokes.
Add background wall texture.
Make seat from the decorative area at the bottom of the sign. Resize and warp into shape.
Make handlebars from the same area, warping into shape.
Make a bike pump container from the side of the sign.
Make spokes for a chain from the pointy bits of the sign.
Copy the blue area of the sign and paste it onto a new layer.
Color the bike frame with it using clipping masks.
Select a circular area of the swirly section at the bottom of the sign.
Copy, paste and resize them to make the center of the wheels at the end of the frames.
Make a pedal using the bottom area of the sign. Resize and warp it into shape.
Use the blue area of the sign to color the wall.
Color and Darken the floor using multiply.
Add a dodge and burn layer to lighten and darken areas.
Increase the yellow tones on the wall.
Add a 25% opacity vignette around edge of picture.
Explain to anyone who wants to know, that the bike has no chain because the chain broke and the owner left the bike leaning against the wall while he went to find a new chain.