This porcelain figure perfectly fits the definition of a porcelain produced by the Lladro company's NAO division which makes less expensive and thus less detailed versions of those in Lladro's main line of porcelain figures.
This figure is clearly modeled after Lladro #5059, "Clown with Saxophone" which was retired in 1985. The clown figure on this probable NAO piece is instead holding what might be a clarinet and there is no dog at the clown's feet.
Additionally, comparing the original Lladro to this one, the face of the figure here is not quite so detailed as it is on the Lladro figure. Otherwise the quality of production, color and gloss appear identical.
The distinction between original Lladro pieces and the company's NAO line of pieces in emulation of them is fairly straight forward as both are supposed to be marked on their bottoms per their respective production divisions. Unfortunately, this piece is not marked but rather presents with a bottom surface totally devoid of any mark or label whatsoever.
Given the quality of this piece, I have no qualms whatsoever believing it to be an unmarked NAO after the original Lladro - perhaps even an unmarked Lladro - though I can only speculate as to why it should not be marked, and absent a mark, I cannot be absolutely certain that it is. However, given the exceptional quality of this piece, an artist capable of producing such exquisite work would certainly not be content wasting their talent forging the work of others but would be producing original porcelains of their own creation.