This is a porcelain figurine depicting a scene from the opera Pagliacci by Ruggero Leoncavallo.
The figurine was created by Italian sculptor Antonio Borsato.
It is a Capodimonte porcelain piece, a style of porcelain originating from Naples, Italy.
The scene likely depicts the characters Canio and Tonio from the opera.
The title Pagliacci translates to "Clowns" in Italian.