Avalokiteshvara, the most celebrated and popular figure of worship in Buddhism, is depicted in many forms including that with a 'thousand' arms such as the present piece. Avalokiteshvara, or Guanyin in China, is the bodhisattva of compassion and protector of the world. The current form belongs to esoteric Buddhism with the arms symbolising his many powers for saving the world and helping followers to gain enlightenment. The central pair of arms is in uttarabodhi mudra , the gesture of enlightenment, while the outer arms are in various mudras or hold objects that represent his powers.
Compare a related figure, but without a lotus base, sold in these rooms, 30th October 1987, lot 422; another, sold at Christie's New York, formerly in the collection of the Tsui Museum of Art, Hong Kong, 24th March 2011, lot 1631. See also a slightly bigger example seated on a similar style lotus base, sold in our New York rooms, 20th March 2019, lot 686.