Hi Lucifer,
Gosh, I hope I never have to say that again, except on the forum.
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Not that I'm doubting your evaluation, but do Lugers sell for 500 or less anymore? I've looked around the cheapest I've saw a 9mm go for was 650 on gun broker, but I think it had a crack of some sort. Are poor condition ones just parted out? Refinished and sold for more?
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I've been going to alot of military and antique gun shows in Georgia, NC, and Alabama.
From what I can tell, shooters are often priced at $700.00 (or higher) but actually sell for $500.00 or less. If you look at some of the RIA auctions, I think I've seen quite a few 'auction estimated' at $6-800.00 but 'hammer down' at about $500.00 and less.
On gunbroker, many of those guns have been on those sites for quite a while.
It is sometimes not easy to put a value on a Luger due to subjective elements like straw, blue, etc; but, for a mis-matched, heavily worn, pitted pistol, since it holds little interest for a collector, its value is in the eye of the beholder and their intention with it.
Having said all that, if you have it reasonably priced, then of course it will be more likely to sell more quickly.
I am sure you know all of this.
A couple of things to consider, is that if you refurbish the Luger, even though it may still hold little interest to a serious collector, you can enjoy it as a shooter. Also, since you have it, unless there is a really compelling reason to sell it, I'd just keep it. You never know how it may come in handy later.
Warren Buffet was once asked when is that the best time to sell. His answer, "...never."
Richard