Lincoln's Model K was introduced in 1931, succeeding the Model L as the top-of-the-line for Ford's upscale marque. Cadillac had just introduced its new V12 model, effectively triggering a 'cylinder race.' Lincoln's V12 was in the works; meanwhile the company created the impressive one-year Model K.

The Model K's side-valve, 384 cubic-inch V8 engine boosted horsepower from the Model L's 90 to 120 at 2900 RPM with a three-speed manual gearbox equipped with a free-wheeling device. A Stromberg DD3 dual downdraft carburetor helped increase acceleration. The wheelbase was stretched to an imposing 145 inches, riding nine inches longer and four inches lower than the Model L. The new length gave custom coachbuilders more to work with, and made room for Lincoln's anticipated V12 which would power the later Model KB.

The 1931 models sported new styling features such as the longer hood seen on this example; a slightly peaked radiator and grill; larger and more spherical headlights; and the two chromed trumpet horns. The dual cowl sport phaeton body displayed on this Model K is widely considered one of the most attractive and desirable bodies. Only 77 of these aluminum-bodied dual cowl phaetons were produced and originally sold at $4,600.