Timewheel Posted on September 15, 2009 by Zsolt 2 The Timewheel is the world’s largest hourglass, situated in Budapest, Hungary next to City Park, right of Heroes’ Square and behind the Palace of Art (Mucsarnok). See more photos here. The Timewheel is the world’s largest hourglass, situated in Budapest, Hungary next to City Park, right of Heroes’ Square and behind the Palace of Art (Mucsarnok). See more photos here.