This item up for auction on eBay is purportedly a cast of a Nintendo reference model for Mario, used to make sure that all depictions of the character are consistent. However it looks slightly off-model to us. Mario's appearance has changed many times over the years, and this piece doesn't quite seem consistent with any of them.
If this is really what the seller says it is, it's an amazing and unique collectible that represents an ideal Mario. If not, it's ... actually still a pretty neat Mario statue, though it has a busted arm. That would probably be easy enough to fix.
Also found on GameSniped today: a cotton candy machine made by a pre-video-game Nintendo.