That’s not a peach.
Stringed instrument, probably a guitar. Never seen one from behind, have you?
So that would make the title ; Levitating lady with the cheese on her knees?
It also looks like the chair is hanging on the wall.
And I really hope the intended era, was when ladies wore bustles.
It’s obviously a guitar, I can’t believe nobody mentioned that yet.
You need to feed that dog less.
Is she sat on the arm of a chair while holding a poorly defined pig?
It’s her left hand. She is, in reality, Fiddler Crab Girl!
I’ve made you all part of my evil hobby. 
I’m surprised no one else has recognized the famous Woman Holding a Giant Wheel of Edam Cheese and Wishing Her Face Were Better Painted.
This woman has one of those shrinking heads from the train your brain commercials, a ponytail so tight that her eyes are being pulled back into her head, legs that are three times longer than her torso (which helps to accommodate her two sets of knees) and is apparently a munchkin sitting on the chair of a giant. And we’re worried about what she’s holding?
(bolding mine)
Further evidence that she is indeed Fiddler Crab Girl! How much more proof do we need that we’ve discovered her secret identity, people? A video of a woman in red walking sideways?
Of course, now that her secret is out, it may compromise her struggle against her arch-enemy, The Trapper.