I inherited this from my grandfather. He said he got it on a trip overseas (Italy, maybe) for his wife, not sure of exactly when, but it was probably pre-1950s, at least.
The doll is almost 3ft tall (that's a purple 1ft ruler in the photos). The head is ceramic, not sure what the arms and rest are made of. The eyes open and close as the dolls stands up and lies down. It's beautifully clothed in a blue and white dress. The blue is velvet or something similar, and the white is some lacey material. There appears to be a shepards crook or possibly a cane, so it maybe it's supposed to be a Bo-Peep doll.
It doesn't look like it has ever been out of the box. I can't find any markings on it (although I haven't undressed it). Nothing on the feet, under the hair or anywhere I can see. I haven't seen anything quite like it from on-line sources, so I'm not sure what it is or what it may be worth.