According to the Wikipedia entry [1] and other pages mentioned in another comment [2], the statue was found with a fragment of a left hand holding an apple, and a right hand with a draped sash. This was taken to understand that the statue represented the Judgement of Paris [3].<p>So apparently it is known what the hands held, which seems to make this speculation unnecessary.<p>[1] <a href="https://en.wikipedia.org/wiki/Venus_de_Milo" rel="nofollow">https://en.wikipedia.org/wiki/Venus_de_Milo</a>
[2] <a href="https://news.ycombinator.com/item?id=9474238" rel="nofollow">https://news.ycombinator.com/item?id=9474238</a>
[3] <a href="http://en.wikipedia.org/wiki/Judgement_of_Paris" rel="nofollow">http://en.wikipedia.org/wiki/Judgement_of_Paris</a>