Hi, it looks like considerable finish wear on the Luger. Perhaps a lower end collectible if all parts match and it's a functional pistol. Some of the Mauser Lugers in this period had a light almost translucent finish while they were perfecting the salt bluing process.
Depending on the paint, Jerry may know of a solvent that will help clear it from the Leather and not damage the leather surface of subsurface. Until that is known, I would not value the original holster.
My initial estimate would be $1350 or so.
Marc
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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