We present spectroscopic and photometric data for SN 1992K, a Type Ia
event found in the course of the Calin/Tololo supernova survey. These
data show an impressive similarity with the spectra and light curves o
f the atypical Type Ia SN 1991bg. In particular, the remarkably red co
lor and low luminosity of SN 1991bg are closely mimicked by SN 1992K.
The discovery of SN 1992K confirms that the family of Type Ia supernov
ae covers a range of a factor of 5 or more in peak bolometric luminosi
ty. Given their fast-declining light curves and considerably lower lum
inosity, SN 1998bg-like events are very likely selected against in tra
ditional flux-limited supernova searches; nevertheless these objects c
ould be quite common in a volume-limited sample.