yes, there are a number of ways to do it. Like Kurt says, key the visibility between two identical objects, one in his hand already, one free to be picked up.

If you want to try to move the same object from a sitting position to a hand, you could try creating two locators. Parent one locator to the hand, place one where the object is. Point Constrain the object to both locators. You can then control how much pull one locator has on the object over the other, so you can key the contraint of the hand locator to overpower the ground locator, causing the cup to switch constraints, and essentially be "picked up" by the hand... a little more involved perhaps.