The frame gives me some heartburn too, but it is more intuition than anything I could back up with facts or observations.
I did try to highlight the etch on the blade in a photo below. An observation, which may be wrong due to looking at photos vs. the actual knife, is that the blade has been cleaned in a peculiar way. In my experience when an etched blade is cleaned they clean "around" the etch. This blade looks like the etch itself was polished while a part of the blade above the etch was not polished.

See picture below.
Not trying to provide advice just trying to highlight some things I would investigate if I were a potential buyer for the knife.