It's a brass bear with the name Rupert.
As an afficionado of miniature figure painting, I can see it's going to take a certain amount of willpower to stop me from taking a file to it to get rid of the flash. However, it's the subject matter that has prompted me to blog about it.
My mother is convinced that this is supposed to be a model of Rupert Bear. Given that it's a bear called Rupert, that would indeed seem to make sense. However, Rupert is a character from a children's series, and only ever wears a red jersey, white shoes, checked yellow trousers and a matching scarf. You don't see him naked. This looks more like a teddy bear — which is eerie, because when se was a child my mother had a bear that looked just like this one, which she called Rupert after the cartoon character.
I'm guessing this isn't going to turn out to be worth anything either...