Pretty!
Using the lowermost eyelet on on the fork (the nearest the dropout) would put the Tubus Tara in a much better position for bag stability and level it out a bit more. Would move the hoop more into the path of the light, though, so maybe that's why it is as it is.
A striking and pretty use of the red headset spacers, and the mudguard setup is interesting also. Every bike tells a story in the way it is setup, and it is fun to imagine its past or intended use. I'm guessing this owner anticipated some muddy conditions on the road ahead. He sure did a nice job of it, and such a shame a knee injury forces sale. Must be a hard parting.
Best,
Dan.