I thought there was a ball of yarn on the chair beside the fireplace - can you knit a sock or something the like?
I found a walkthrough here
Hang the STOCKING (from Petra at the Ice Sheet) on the right hook at the top of the fireplace.
Try to walk out the door to start the cut scene.
Click the STOCKING above the fireplace to retrieve it and the PACKAGE it was containing.
Open the PACKAGE to find the HOURGLASS and the WRAPPING PAPER.