Basically it just floats in the air and sits there until you quit and start the game again.
If you look through my previous postings at Furry_sims, you'll see Floursack holding an invisible bear while the bear image floats above her head. I have no idea why this glitch happened, and I don't know how to do it again. But it's weird enough to share.
The bear was not photoshopped. I took these snapshots straight from the game. That makes it weirder.
When I had a nanny, she'd constantly try to pick the bear up, and wave her arms because she couldn't reach it. Hah!