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You're not seriously asking me to go all Dalli on you...
Well, I grabbed a second cup of coffee for this, so here goes my complete bullshit interpretation of
the elephants:
The white elephant next to Jade is your classical reference to the gift that seems at first a rarity, a blessing, and should be accepted not only graciously but enthusiastically. Time inevitably proves the cost of such a gift far outweighs the initial elation and enjoyment, and the bearer foresees his own ruination if he cannot be liberated from it.
The large golden elephant in Burke's office symbolizes wealth and opulence. That it's facing the door means monetary assets are in a constant state of flux, and the flow must not be interrupted if the elephant (Burke's financial accounts) is to maintain its weight (it's net worth), compelling Stephen to solicit income from multiple sources.
Stephen's golden elephant is the patriarch of two others. The first is Tybalt's, which although is smaller than his father's, is larger than that of his sister, Sage, which is found in the HOT house. This most certainly displays their differential dependency upon their father: Tybalt relies heavily, perhaps solely, on the financial support of his father, while Sage, as much as she strives for independence, still must maintain that tie, even to a small degree.
Bella's cubist interpretation of an elephant demonstrates her fractured and reassembled personal life, and although it has been reforged into what appears to be a solid structure, it possesses sharp exterior edges and unknown cracks and faults beneath the surface, and she, just as her elephant, should be handled delicately.
Elena's elephant is far less formal than the other statues, and being a cartoonish caricature, it perfectly befits her playful personality. The pink heart outline shows she's not above the role of the pie-eyed (shitfaced, if you will) party goer. However, an elephant being an elephant no matter how cuddly-looking, she is still capable and reliable.
The larger of the two in Magnar's room references the mythical "memory of an elephant" and is representative of Magnar's voluminous mental capacity. The smaller, but no less significant, is a nod to his nob, the trunk in his trunks, which several of our F95 peers ("comrades" to you, comrade) have postulated he possesses in ampleness. Unlike other males of his age, the larger head is dominant over the smaller, and although they struggle from time to time as depicted in the scene, logic wins over the libido, which he explicitly demonstrates in his frustrations at the party:
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Now, I hope you learned your lesson to never ask me to do that again.