My dog is so proud of her toys! She will often pick up a toy, hold her head up, arch her neck, slick back her ears and prance it to me and my wife. I don't know why she does it but she does it at least once a day and has since she was a puppy.
Chloe is the same way. Her favorite toy is her white flossy bone....actually it is grey now haha! She will pick it up walkinto the living room and stretch out in front of you and then hop away with her toy held up in the air. IF we play tug or chase with the toy and her after a little while instead of bringing it back she will bring it to within about four feet of you and then just stand there growling as if to say "just try me." Sadie doesn't prance but if you ask her where her toys are she will start to lick her stuffed bear.
With Adela when she prances the toy about she doesn't want you to try and take (she gives it up if you ask) or being chased. She just displays the toy for all to see.