Not an expert. I assume it should be stored in a dry place (relative humidity not higher than 50%), just like a modern gun.
For CCW, it has some disadvantages: single action, capacity is low for its size, sight is small, no firing pin safety etc. Worst, for its age it could fail at anytime, especially at the very inconvinient moment.
I have not heard anyone being shot by a Luger for a long time (not including those range or gun show accidents).
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