The ancient Egyptians believed that Apis was a holy being who embodied the fertility of the land, kingship, and divine power.
When a bull was chosen as Apis, it was treated with special care and lived in luxury at the temple of Memphis. Upon the death of the bull, another one was selected to replace it. As you can see in the picture, they are honoring this new bull.
A bull has been chosen... $APIS
The Apis Bull began as a fertility god, Apis eventually came to symbolize eternity and the cycle of life and death. His status and reverence also represented the strength, virility, and power of kings. Apis was connected to Ptah, the god who created the world, and Osiris, the god of death and the underworld.