What is the myth concerning the placement of an elephant picture in the home?

Not heard of it regarding a picture, but elephant ornaments should always face the door (or sometimes a window) apparently.

https://www.funtrivia.com/askft/Question124418.html

I don't think there's a definitive answer. The following comes from this site:
https://housing.com/news/tips-to-bring-wealth-and-good-luck-using-elephant-figurines/

"There are several different schools of thought regarding lucky elephant placement:

-It can be placed outside the entrance of a home (facing the doorway) to protect the home.

-Some believe that the elephant should be placed inside the house, preferably in the front hall with the trunk facing inward to direct good luck into the home.

-Others believe that the elephant should be placed in the front hall with its trunk toward the front door to "welcome in" good luck."

If you have as many elephants as I do they have to face in different directions just to fit them all into the house! They all seem quite happy here, and so am I.

In the US, people who put pictures of elephants in their homes, are more than often Republicans.

http://www.factmonster.com/ipka/A0881985.html

If placing a real elephant, the size should be ascertained beforehand.
https://www.worldwildlife.org/species/elephant