So some quick research:

Founded as Bicycle and Metal Works L. Bauer & Co in 1911 in Frankfurt, Germany, Bauer started a major engagement in the production of bicycles and motorcycles from 1914 on. They remained in this business until they eventually had to shut down their facilities in 1968. They supported a racing team and single riders well into the 1950s. Their most famous success were the UCI world championships in 1952. There, two of their riders made it to the podium, with Heinz Müller and Ludwig Hörmann coming in first and third.

In the following years, Bauer Weltmeister (the German for "world champion) was the name for the top model of this German brand well until the late 1960s. Many young racers in Germany longed to own such a Bauer bike.
It was light enough to climb the notorious grades on the german uplands yet strong enough to easily deal with gruelling pavé roads, which were still the standard in most regions.

With the components I would guess the model I posted is the Weltmeister. From the serial number I'm going to guess it's a 1950's. The one below is from the 60's, looks like it may be in not as nice condition and the price is US $2431.

Velovilles | Weltmeister 54.5 cm | Vintage bikes and bicycle parts