Statuettes of young females were exceptionally popular during both the Classical and Hellenistic periods. Tanagra figures, so called from the archaeological site from which they were found, are distinct in style. Polychromatic and defined, they depict young girls in day-to-day poses and activities. Tanagra figures, due to their popularity, were then copied and spread across the wider Greek Empire. During the Hellenistic period depictions of the Muses and nymphs were a popular subject matter. Small statuettes were left as votive figures in temples and personal shrines. This particular statuette resembles the type made in South Italy and could depict a favoured Muse. From her seated form and slightly bowed head, she could be the goddess Urania, Muse of astrology, who was often portrayed in such a position.
Statuettes like this were generally made with single or bivalve moulds that were in turn made from a clay model. All Greek sculptural production was originally polychrome, although there are few examples in modern times in their original condition with the polychrome intact.
For more information, see the relevant blog posts: Roman Goddesses in Mythology and Polychromy in Ancient Art.