In that case, if I would try to do it, I would sand the spot, and from the center out to over the edge of the 1,25” I would decrease the pressure on the sand paper, to get a very smooth transition between the spot and its surroundings (and using different grits, maybe from 120 to 320).
After that I would try, with those thin brushes the artist uses, to reconstruct the pattern as much as possible, to match the surrounding area.
Depending on how big the piece was, and how much I’m attached to it, I think I would redo the whole surface though.
Also, I’m not at all a refinishing expert :-)