Hmmm.... Yeah, there's lacquer in the engraving on the only clear shot of it.
That said, it appears to have been carefully done and the lacquer job is old. I wouldn't be afraid of it because of that and you really don't buy these horns as investments.
A very nice, relacq'd Series I 'Crat alto. Worth a lot more than the current bid price of $189.
Consigner says may need adjustments... Translation: it's a $400 to $600 overhaul on a $1200 horn (retail). Price your bid accordingly.