I know a lot of people don't like clowns. I'm pretty neutral on clowns (except maybe John Wayne Gacy). I bought this oil for $5 about 20 years ago at a junk/antique store on Lake City Way (it's about 2'x3'). I did some searching and found out the artist is John Peers, a somewhat well-known painter of clowns.
"This is Famous Bohemian San Francisco gallery artist (of the time) PEERS, from the 1950's. My mother and father both knew this man and he painted many paintings for them. I still have some of the nicest ones." Someone else: "Peers lived in South San Francisco and liked to drink. He was a friend of my Uncle Giovanni and should be about 75-80 is he is still alive. He would go to bard on Third Street (near Candlestick Park) and sell those clown paintings for $25. My Uncle has 3 and they are rather good."
I think the subject of the painting is Emmett Kelly who was a kind of hobo/clown amalgam (like Red Skelton)?