I finally have the Sad Clown. It is a great looking figure. LEGO got some exceptional expression with minimum painting. Just two colors, some black on the torso and legs, plus a cool hat makes another awesome minifig. This would not have worked if it was the standard Yellow minifig skin.
The LEGO minifigure enclodeis says sad clown was inspired by Pierrot, an Italian pantomime thae preformed in 17th century France.