Black M Code GTS at Mecum

Was just looking at Me Norms car pictures that are posted on the Barrett Jackson website. Is there bubbling or peeling paint in the rear wheel wells? Or is that dirt or photo mess up?

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Looks like something sketchy is going on to me. Appears to be rust damage covered with the repaint. Hard to tell from just the picture, but it doesn't look right. I'd absolutely want to see that up close, and see the rest of the trunk pan, before I spent big money on it.