Abstract: A multi-element puzzle is formed of segments of a hologram which has recorded thereon a holographic image of a scene or object. The puzzle pieces are formed of film and are arranged on an assembly stand which is illuminated by a specialized light source. Upon the player correctly orienting and arranging the puzzle pieces, the object or scene when viewed successively through the individual pieces will provide the viewer with a view which smoothly and continuously changes in perspective according to the relationship between the viewer and the location of the individual puzzle pieces. When viewed by the player, the object or scene may appear to be behind the film, i.e, a virtual image, or it may appear to be embedded in the plane of the puzzle pieces. In some cases, a portion of, or even the whole image may appear to be in front of the film. In another embodiment, a 360.degree. hologram is used and the puzzle pieces are arranged on the exterior of a transparent cylinder.