Thank you for submitting your item for appraisal. This appears to be a south asian medicine buddha or Bhaiṣajyaguru, holding a ball / medicine bottle in his hand. The material appears to be volcanic tuff rock, a very light weight and soft material. The same kind of material that covered Pompeji and Herculaneum in ancient roman times. Such sediments can be found in many places, e.g. in South East Asia. This statue was made for home decor and is well carved, but not necessarily old. The estimate is based on similar statues sold at auction. As always "asking prices" in the trade can be higher and vary.