Perhaps. I'm even thinking maybe it was a PF and only $900 because of JV's painting. I have no clue how they get permission to use the character but SS had to get it somewhere and maybe got to do it cheaper because of the JV artwork? I would love a step by step process from license to product in regards to this piece and of course why it was done this way and not the other, etc
I'd assume Sauron is just part of the standard LOTR license and they probably worked with Jerry to get permission to do it based off his art work.