And if the horse has all four feet off the ground?

Then it is the famous Chinese statue "The Flying Horse" which I saw at an exhibition of Chinese art at the Boston Museum of Fine Art (The MFA.) It is charming and I bought the silver "charm" for my bracelet.
Later Edit :
Here's a link that ties in nicely with Kentucky AND the Flying Horse (Hi Jackie)
http://lexington.miningco.com/citiestowns/southeastus/lexington/library/blChinahorse.htm