Shields of this shape were inspired by Hungarian light- cavalry shields and were adopted in Germany and Austria for the Hussarisch Turnier (tournament in Hungarian-style costume). The German motto around the owl reads in translation, “Although I am the hated bird, I rather enjoy that.” Below this are the quartered arms of the Tänzl and Rindscheit families, which were united by marriage in 1499.
From The Met
Perfect owl motto!