A Pinocchio wooden push up toy or "Wakouwa" made by Sevi, Italy. This piece was part of the collection of automata and moving toys owned by Sir Nicholas Goodison, I have included some information about him below. 

Goodison noted "His body, arms and head are threaded, so that pressure on the base relaxes the threads and can make him assume different postures, especially bowing and collapsing altogether. When the spring reasserts itself the clown reverts to his posture."

Sevi was founded in 1831 by Simonei Vinzenz in Val Gardena, Northern Italy. It is probably the oldest surviving wooden toy manufacturing company in Europe. 

Sir Nicholas Goodison (1934-2021) was a true polymath, as well as having a highly successful career in the financial industry he was also a leading figure in and patron of the Arts. He amassed his collection of sculpture and toys over a 50 year period whilst travelling the world.