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Sakya Pandita, the great scholar of the Sakyas, was the Fourth Patriarch of the Sakya school. He died in 1251. The statue depicts him seated cross-legged on a chair decorated with dragon heads, characteristic of the Ming dynasty (1368–1644). The figure is shaven headed and dressed in the skillfully carved maroon robes of a monk. The eyes have a concentrated gaze and the hands are held in the Dharmacakra (Dharma wheel) mudra.
For more details, go to the Encyclopedia of Buddhist Arts: Sculpture N-Sr, page 803.