I thought the signature was DOE DOE. A good name for a female clown IMO... I searched but didn't find a female clown with that name.
Other than the hair and earring, sure doesn't appear to have feminine features to me. Then again, its a painting and can be anything the artist intended, perhaps not even based on an actual person.
The facial features really do remind me of Red Skelton, but I agree that the clown is a woman or is supposed to be. And as I mentioned in my edited post, although Red did paint clowns, this doesn't appear to be painted in his style.
I won't be surprised if someone comes up with more info. The people on this site have made a lot of amazing IDs, but I'm giving up for now.