“It screams “bad-boy gun” because of its Nazi past, and rarer Lugers such as the ones chambered for the 7.65-millimeter round sometimes sell in excess of $1,200.”
The 7.65 chambered lugers are quite common and tend to be valued a little less than the military 9mm copies. The rarer lugers in decent condition can sell for well over $2000 but a common 7.65 in very nice condition (which they often are because they didn’t get hard use in the military) will sell for about $1100 at this point in time. Lugers are rather common collectibles because there might have been 3 million of them made before 1945. There are a great many variations on the basic theme, though, and the values vary accordingly. Luger values have not been especially strong recently compared with 2-5 years ago.
Most lugers I see are considerably altered or worn since their manufacture and it is that small percentage that are in original and nice condition that get the high values. Lugers, by the way, are not a subject for inexperienced collectors—they are very challenging to value.
You are correct about post-WW I commercials in 7.65 - they tend to go for less than most but they are still an outstanding investment if you find a good matching example with original finish, no pits, decent bore. I’d buy them all day for $1200 each.
Pre-WWI commercials are a whole different breed of cat! Tell me that any export Luger in good condition from 1906 and before isn’t going to command a lot more than $1,200!
Bulgarians? Swiss Commercial or military? American Eagles?
That author was being either naïve or deliberately deceptive..