The reason this appears to be a relac. is because the inconsistency in certain areas of the depth of the engraving. Overall, the engraving looks very good and fairly sharp and clear, but in certain areas you can see here or there an edge or end of a form in which the engraving is slightly less deep or slightly less sharp. Engraving will originally be uniform in depth, and certainly uniform in sharpness, since no one buffs AFTER engraving in an original product, as that would basically ruin a nice engraving job.
In this case some areas are softer looking while some are sharper, and the lacquer is visibly on TOP of these areas. Now, some Euro Selmers WERE lacquered after they were engraved, and even US Selmers has a top coat on top of the engraving, but this is neither of those things.
In any case, as far as relacquering jobs go, this one looks to be about as good as they got. It looks very good to me, and very hard to spot for most people. Would this refinishing affect the sound? Most likely not in any way. A job this subtle, would likely do nothing, though it could even help with the resonance, I've experienced this before. The main thing to look out for is a uniform thickness of the tonehole walls. Sometimes the buffers will hit the edges of the toneholes thinning them out which is bad in a practical way and will effect the viability of the seal and is troublesome for future setups. This is the main musically practical issue with relacs. The rest of the issues are either cosmetic, or investment related.
Aimply, if the toneholes are good, a gentle relac like this IS as good as an original, but it is not as good of an investment, and the price should not be AS HIGH as an original, because if anyone is clever enough to spot it as a relacquer years later when you want to sell it, you may not get what you expected for it.
With this particular horn, I would be concerned that the neck has been pulled down. It is not easy to tell from the photos whether or not it has been repaired completely. The neck pulldown is equally an important influence in the price and future value as the relacquering is.
Interesting that this horn also says "B A" on the bell engraving.