If it's indeed a 1900 AE in mint condition, $5k is acceptable. Be aware most people chasing "military" in Luger domain, the market for commercial Luger is small. But that factor is already in the formula, otherwise, mint 1900 AE would be much higher than $5k. The key is the condition.
For gun trading purpose, it's probably not a great candidate. To be profitable in gun trading, the key is not the condition, but the price. Many items being profitable or not was decided at its coming price. That's the main reason we see many traders carrying many shooters and many average C&Rs. For condition, those are not attractive, but those are cheap.
For self collecting, the story is somewhat different. Depends on your taste.
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