This looks to me like a folk art creation, with this little steel wire figure welded together and joined to what I read as a parachute (though I suppose one might take it for a hot air balloon minus a basket), all painted yellow. There's an old thread still attached to the loop at top, but I'd string a new, much longer one to tether to the ceiling so that he might to dangle in mid air--very sweet but also rather existential feeling!

6 5/8" t x 3" d. Good condition, with some wear/loss/darkening to the paint, all to the good I think.