This item mounts to a ceiling (or doorway) and has petals that fall down from the garland.
This is one of many reward options, depending on successful you are at the race.
Additional garlands and other holiday-themed decor can also be purchased with standard coin (silver, gold, etc.) and Erollisi Day coins and some can be crafted. See the Erollisi Day main page for full details about how to obtain these items too.
This article refers to events, personae, items and activities only present in-game during the annual Erollisi Day festivities, which come to Norrath each year for a short time roughly around February 14th.