I begin to think there were two different Zaccagnini series, done at different times. Over the years I've been collecting images of any Zaccagnini figures that I could find, and there definitely seem to be variations in style. It is especially noticeable in some of the Mickey, Donald, and Pluto figures.
I am convinced that all are indeed Zaccagnini, as all have the distinctive mark on the base and have a similar weight, size and feel. Also, even though the 'second series' figures are different, they are still extremely well modeled and appear to be very much production quality, so not handmade knockoffs.
UPDATE: Brian pointed out that our friend is not really clapping, merely preparing to dive off his branch into invisibility upon his first encounter with Alice. Alice has just asked him where she should go, and that it doesn't matter where, and his reply is "then it doesn't really matter which way you go!"