Perhaps an antique advertising spokesbear?

I got this item probably 50 years ago at a rural New York State auction. I do not remember what I paid for it. I'd guess less than $30.00. The auctioneer had no idea of it's provinance.

I've had it appraised twice many years apart. The first was a Lion's Club antique sale, with several appraisers. The second place was Clars Estate Auctions in Berkeley, CA. Both places guessed that it is probably from the 30's or 40's. Both thought it might be an advertisement, but for what they had no idea. Both appraised it for between $250.00 & $300.00. No one seemed to know what material it's made of. At a glance, it looks like papier machet (sp?).

It stands 18" and weighs 5 lbs.

Over the years, I've gone online to research it, to no avail. Your site will be one of many that I've tried. Hoping you have information about this piece.
Thank you, Charles R. Shaw
Berkeley, CA