What Is It?
It's some sort of Man...Pony hybrid toy created by artist Randy Regier
What Happened?
The facts are rather unclear, but from what I gather Regier created a handful of bizarre toys in the 20th century to resemble old fashioned toys. They are however available for sale but for large sums of money as they are considered art and not lost toys.
Aftermath?
Well I don't think anything happened, these were made in very limited quantities from what I understand.
Links:
http://hyperallergic.com/42706/randy-regier-jim-kempner-fine-art/
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