Jerry...
I see exactly what you are describing, and truly believe that lighter patch of red is due to reflection of the glass frame. I have photographed these things countless times, and that's the exact type of reflection you just can't seem to avoid when photographing.
REA is pretty meticulous with their descriptions, and did not allude to any fading of the pennant. I am 99.9% positive they would have mentioned it if it was indeed present. Heck, they even disclosed the "clipped tip" which was not even a real condition flaw! Let's call it a blunted Fishtail (as made).
