It looks like it was made from clay but it is made of resin or poly-resin materials.  The image has sculpting in the body and has a little Owlet carved into the owls back feathers.  There is a red heart over the Owlets head.  There is also a chippie paint effect all over the owl which makes it look even more like it was made from a stone based material.  

A long nose and big eyes are what made me decide to purchase this so many years ago.  You wont see this one everyday.  It is definitely one of a kind.  

Owl is 3 1/2 inches tall x 2 3/4 inches wide.