Perhaps I have misunderstood what a "graven image" is. It was explained to me that it is the image of idols or other deities that are worshipped. If you worship angels then that WOULD make it a graven image. If you enjoy decorating with them, then they are not.
In and of themselves, there is nothing wrong with angel figurines. How one views an angel figurine is what determines whether it is wrong. The only reason angel figurines would be wrong is if a person idolizes them, prays to them, or worships them, which God forbids (1 Samuel 12:21). Only God is worthy of worship (Psalm 99:5; Luke 4:8), and we are to rely fully on Him alone (Psalm 9:10). The Bible speaks very strongly against religious imagery. As a result, Christians must be very careful to never allow an image, whether an angel figurine, picture of Jesus, nativity scene, etc., to become a snare or distraction. While there is nothing sinful in having figurines representing angels or any other creature, we must not attribute to them any supernatural power or influence over our lives. No figurine can protect us from harm, bring us good luck, or impact us in any way.http://www.gotquestions.org/angel-figurines.html