The devaluation of the pound sterling has had a dramatic effect on the photographic industry. Apart from Billingham bags, Classic Cases and a few other accessories, almost everything we buy for our hobby is imported and subject to the sterling rate of exchange.
Most of the big camera manufacturers have already raised their prices by up to 15 percent and those that haven’t will have to do so soon. Olympus, Panasonic, Canon, Nikon, Sony, they’ve all taken action to account for the pound’s devaluation. However, there has been no news from Leica. I am sure a revised price list isn’t far away.
I have mentioned this before: If you are wanting a camera or lens now is the time to grab it. When the Leica Q (if you can get one) is cheaper than the Sony RX1 then the writing is well and truly on the price tag.
Sadly some of the more popular items, such as the Q, are probably almost beyond redemption. Order one now and you might find the price has risen before you take delivery. It’s frustrating but there has been plenty of evidence since June that swingeing price increases on all imported camera gear were in the offing.
Some of this price inflation will percolate downwards to second-hand equipment, especially to classic Leicas and bodies. One of the clear responses to the falling pound is that European and other foreign buyers have been descending on British dealers like locusts. Secondhand stuff of all ages has been disappearing rapidly in the direction of UPS and this will continue until prices reach equilibrium. Buying in used M3 bodies, for instance, will become more expensive—think of the Bièvres photo fair in France and the extra cost of everything in sterling terms when next year’s event comes round. All this will mean higher prices across the board.
If you are sitting pretty on a hoard of lenses and bodies my best advice is to continue keeping them under your rump. Whatever you already own will go up in value. It is better to have £5,000-worth of Leica lenses on the shelf than cash in the bank at today’s non-existent interest rates.
_______________
- Subscribe to Macfilos for free updates on articles as they are published. Read more here
- Want to make a comment on this article but having problems? Please read this
In late August I bought the Fuji XF35mmF2.0 at £299 ( before cash back), it is now listed by the same retailer at £369. I assume a stronger Yen has amplified the increase. I also note the Fuji cashbacks are far less generous than a couple of years ago.
Indeed, Fuji had some significant price increases. That 35mm lens has held its value well over the five years it’s been around. I think I’ve owned it and sold it at least twice but I now wish I had held on. Fuji and MFT lenses are inflating (as are Leica lenses) and its worth sitting on them….
Does anyone know if Leica typically gives advance warning of price increases such as the one that must be coming ? I live in Belgium and am planning to make a trip over and visit Red Dot as soon as I can.
As any new M will be priced on par with the Euro, there will be no advantage in buying new goodies in the UK (the price of the new Summaron is indeed more or less equivalent at last weeks rate anyway), but I’va always wanted an MP (film) and new, they are about 1200 euros cheaper in the UK at the moment !! Though it will be difficult to leave without an M-D too !!!! 🙂
Dear Ian,
No there is not normally advance warning of price increases so it’s all a bit of a gamble. I would suggest that if you are definitely intending to buy it would be wise to do it by phone and not wait until you can get over. The M-D, as far as I know, is still hard to get and even if you ordered one now there is no guarantee it would arrive before any price increase. But it’s worth a call to Ivor Cooper at Red Dot–sooner rather than later.
As for the MP, I would definitely go for a used version for around £2,000. I see little point in buying a new one since it is exactly the same camera and will just cost you £1,500 or so more. As you know, also, an M6TTL is a good alternative for about £800-£1,000 less. I like this camera because of the larger shutter speed dial (which works in the more intuitive direction) and is easier to adjust with the thumb. But the MP is the one that holds its value better and is more desirable without a doubt. As a long-term keeper, a used MP is a brilliant buy.
Mike