Is this the one?
http://makeashorterlink.com/?L6C4437E4
Looks like a pen on a very short string to me.

Yep, you got the picture, all right.

I would agree with Bill that it's a pen, but I don't see how it would be suspended that way and still be useful, and I have faith that artists are relatively faithful to their subject. Can anyone confirm? You recognize it because Grampa had one on his desk?