Where is the book in I spy holly and the ivy?

My husband believes the 2nd bear from the left is holding the book. It may look like a drum at first glance (as he is holding a stick). However, it turns out he might actually be the conductor! I was saddened at this potentially being the true answer because for many years I believed the answer to be “the I Spy book you are holding”!! The specific copy of this book I have is from 2001 & it is currently 2022 as I am answering this question, which means it took me 21 years to finish this page. Poor 6 year old me~ D;