Definitions are supplied to demystify symbolism (and the artwork in this studio).
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Hourglass...
American tradition usually pulls the hourglass out (as a symbol) during New Year celebrations. The hourglass, an old man with a scythe and a newborn baby are all symbols of the passing of the old year and ringing in of the new one--leftover imagery from long ago Chronos (father of time) and much more <g>.

The hourglass is a symbol of time but of a very limited span of time. It has often, in semi-recent memory, been associated with old movies and adventures, in which the hero/heroine has a one span of the sand to make a decision, rescue, etc. The dramatic turning over of the great hourglass down to the spiraling of that last grain of sand signaling the end of a moment are just too easy -- an excellent visual of an exciting moment in time :) Digital timepieces, the rush of time and our modern lifestyle have pushed the hourglass away from everyday life, adding a patina of mystery to this symbol from ancient times. When was the last time you saw a real working hourglass? I believe the last known practical usage was as an egg timer and even that is fading away :) There is a graceful elegance, mystery and a magic to this beautiful and simple functional form, which might be why it often turns up in fantasy artwork featuring wizardly workshops, etc.
Posted: December 28, 2003.

Dictionary of Symbolism, p. 178-179:
A symbol not primarily of death but of the transitory nature of time and human experience, which, however implies a certain memento mori, a reminder of our mortality. The hourglass is one of the attributes of CHRONOS or Eon, the personification of time. Since it must be continually turned over if it is to function, it has also been associated with cyclical theories and notions of "eternal return" of the same cosmological situations. In another tradition, it urges mortals to live in moderation and virtue, lest their allotted time be arbitrarily curtailed as a result of intemperance. The ascetics St. Ambrose and St. Magdalene are each depicted with an hourglass. In the ritual of FREEMASONRY, an hourglass is placed in the chambre des réflexions along with other symbolic objects upon which the candidate is to meditate. (See also DARKNESS.)
Posted: December 28, 2003.
Expanded: March 06, 2004.

Want to know more? Go out and pick up a copy of the book(s) quoted and expand your mind :) These are MY teachers, the people who teach me about symbolism :) I hope the supplied definitions help you understand the art found on this site.