1986 Steiff Mohair Teddy Bear designed as a clown

Steiff is a German toy company, founded in 1880 by Margarete
Steiff. The company is renowned for its high-quality, collectible
teddy bears and other stuffed animals, often made from mohair.
Steiff bears are known for their distinctive "button in ear"
trademark, signifying authenticity and craftsmanship.
This particular bear appears to be a limited edition or replica,
possibly from 1986, designed with a clown theme. Such special
editions are highly sought after by collectors due to their unique
designs and limited production runs, making them valuable
additions to a collection.