The live-steam fire engine, considered by many German toy experts to be the ultimate in Märklin craftsmanship, sold to a European collector for $130,000 (£86,700) against a $40,000-50,000 estimate.
Fewer than five examples of the 18in (46cm) long, hand painted toy are known to exist.
In total, the 1129-lot auction made a premium-inclusive $3m (£2m).
Kaufman, 78, has been buying toys for 50 years, accumulating a vast collection. In March this year, Part I of the Kaufman collection totalled $4.2m (£3.1m), the highlight of which was the Märklin Fidelitas clown caravan c.1909 sold for $90,000 (£66,200) plus premium.
The sale of the third part of the collection will take place on April 9-10, 2010 and the total series of sales is expected to span two years or more.
The buyer's premium was 15 per cent.