This appears to be a paint display for the Bishop-Conklin Company. The elf measures 8 inches tall and 5 inches wide. There is some damaged as there are some chips and paint scratches. The colors are vivid and it appears to be paint on top of plaster.
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I've found two examples of this advertising figure having been offered for auction in the past 15 years. It sold as part of a group of two advertising figures in 2017 for $350; the other time was in 2008 when it did not sell against an estimate of $400-700. The links to those auctions are here:
Based on the photos and information provided, and subject to examination, this is:
A Bishop-Conklin Co., painted plaster or chalkware advertising elf figure
American, circa 1930s
marked on one side THE BISHOP-CONKLIN COMPANY
8 inches high, 5 inches long
CONDITION: minor chipping and losses to paint but otherwise appears to be in good condition.
*represents a fair-market value for auction purposes; retail or asking price may vary.
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