Leica Special Editions: Profit or loss?

Leica Special Editions tend to polarise opinion. The target market, whatever it might be, can’t get enough of them. Those of us who aren’t really motivated take diametrically opposed positions. The sceptics believe that most special editions, especially those lauding often-obscure personalities, are ridiculous and that Leica is devaluing its image by pandering to this market.

Others take a more relaxed view. If Leica can turn a penny with these editions, why not? Some think the profits on special editions go straight into research and development of the next M rangefinder. And that, they say, is a very good thing. It could even help reduce the price of cameras for the consumer. But that’s wishful thinking, of course.

We shouldn’t overlook the fact that special editions have been a companion of Leica marketing for decades. The M6, which is currently in the headlights because of its likely reincarnation, attracted a host of special editions. Some were (and still are) highly desirable. Others much less so.

Yet one aspect of the specials market is perhaps most compelling. That is the opportunity to profit in the short to medium term. Sometimes it takes years for interest to wax. And sometimes, interest wanes in a matter of months. Occasionally, however, a recent special edition — even one based on a digital camera — can prove a good investment in the short term.

So when Ivor Cooper at Red Dot Cameras in London called my attention to an auction lot featuring a one-year-old special edition at a tasty price, my interest was kindled.

Just twelve months ago, Leica announced the 007 Special Edition Q2, which came in its own fitted Globetrotter case. Only 250 examples were made, and the retail price here in the UK was £6,750, including tax.

The camera with Globe-Trotter ocean green leather case, the camera with metal lens hood, the handgrip with Globe-Trotter Ocean green leather, thumb support, finger loop (size L)’ metal lens cover with 007 gun-barrel logo engraving, black fabric shoulder strap with ocean green Globe-Trotter leather bindings, model no: 19060 (250 Cameras worldwide)

— Christies Online Catalogue

Now, one set, snuggled in its own green Globetrotter, is currently the subject of an online auction at Christies with a guide price of £7,000 to £8,000. Bids are going well, though. The highest of the 19 offers is £18,000 and there is one day to go.

Not a bad profit, then. But there is a special feature which is missing from the “standard” James Bond set. Daniel Craig himself signs this particular camera. There is a signature panel inside the case, and the actor’s initials in silver appear on the front of the camera.

This begs the question of to what extent the signature helps with the valuation. Only a keen collector would know.

One thing is clear: if you are buying special editions with an eye on profit, take great care. Choose wrongly, and you could make a loss. This particular SE has turned out to be a good investment. Even without the Craig signature, the “basic” set was actually good value at £6,750. Apart from anything else, Globetrotter cases aren’t cheap. They have a cult following, and a special edition case such as this has value in its own right.

What do you think? Are Special Editions a good investment — if you can get hold of one? Or do they actually detract from Leica’s carefully cultivated reputation for fine photographic instruments?

Update: This lot realised £30,240




23 COMMENTS

  1. Hi Mike,
    Just found this forum, chat and I have one of these 007 limited edition Q2’s. I think these extra value in this camera has come from the Daniel Craig signature. I was wanting to sell mine for some profit, for around 10 grand but it didn’t sell. So I think it is the place of sale and the extra signature that has added the value to this camera. Like you have said the extra editions with the Globe Trotter case, I would have thought would add value plus there are only 250 of them.
    I may try to advertise again before I decide to start using it. Cheers Jimmy

  2. Hi Mike,
    I conceived of and brought to fruition several special edition cameras and lenses for the LHSA. The first one, the Black Paint M6 TTL, brought the black paint finish back to Leica after they had “forgotten” how to do it. Likewise the Hammertone. The MP3 was a masterpiece, and so close to the original “unobtanium” camera, you have to look twice. The MP3 also brought back the retro styling of the 50 Summilux ASPH, and Leica has used it numerous times over. The retro 50 APO was also a huge hit.
    I have always tried to make something very unique in these special editions, not just engraving or body covering. I think the ones I was involved with have been rather well recieved and go for big money in the secondary market.

    • Thanks, Bill. I think most readers would make a distinction between special editions created “home” organisations including the LHSA. But some of the recent SEs do stretch the credulity of mainstream Leica users. See you next week!

  3. It’s pretty clear that the special editions do quite well (although probably not to members of forums – certainly not to this member!).
    But I think the cameras are always likely to be a dodgy investment (some will make money, some won’t).
    SLE Lenses on the other hand seem always to be good investments – last year’s silver Noctilux f1.2 Classic might have seemed a rip off at £17,000, but they are changing hands for more than twice that already!
    I Really don’t understand the ‘cheapen the brand’ comments – who cares if you don’t want them? some of them don’t appeal to me, others seem either elegant or good fun.
    They’ve been doing it for decades – it keeps the brand in the public eye and makes a small profit.
    Best
    Jono

    • I have been considering buying the new M6. I sold my M6 – the first Leica bought a few years after it was released. Do I regret it ? Well, I didn’t use it but I missed it now anyway. Now maybe I can buy a new one at a reasonable price. I think it sounds like a good deal. I buy it because I will then use it. I have the Leica MD and it is the best camera I have ever had.
      What does “SLE Lenses” mean ?

      • If it truly is a limited edition (as rumored although I am not entirely convinced) and if you want one you better be talking to your dealer right now…

        • As I said in and earlier reply, I would now be extremely surprised if this is a limited edition. It makes far more sense for it to be a regular project and I think the rumoured price supports this.

          • Hi Mike, I would agree with that, although there is perhaps also something to be said for the argument that it does not make any sense for Leica to release a camera that competes with the MP/M-A. I guess Leica would need to be convinced that it will make the market bigger for them, ie. that there is a demographic that will not buy a new MP/M-A but that would buy a new M6.

          • There is a reason for this which I believe will be revealed when the camera is launched. I think it will all be good news for Leica and film, or analogue, as many now say.

          • We should know soon. FWIW, The Leica CM Point & Shoot now sells for more than $2K on eBay. IMHO a new CM with better than 20-year old autofocus would be a gold mine.

  4. As for signed editions, in the book trade it used to be said a signed first edition was worth no more than an unsigned one as so many authors did book signings. That idea seems to have changed over the past few years.

  5. I once bought a limited edition watch made in anticipation of the near certain victory of Ivan Basso in the Tour de France… he was pulled the day before the race started in a drugs scandal. I bought the LE watch after the race at a very heavy discount! Not sure that marketing exercise was such a success really 🙂

  6. Just quick cheap way to make a buck and in long term cheapen whole brand! Hell they basically down to M AND Q, still trying flog the albatross SL2 thing with test drive weekends.

  7. I have no experience in marketing and have only made one limited edition purchase (a Swatch Mickey Mouse watch designed by Damien Hirst) but it does seem to be a widely employed strategy, particularly for luxury goods like mechanical watches. Based upon a quick Google search there are many articles available describing why a limited edition version of an established product makes good business sense – tapping into motivations such as desire for exclusivity and fear of missing out. Given Leica’s place in the luxury/high-end/elite product domain, it would be surprising if they did not occasionally employ the LE strategy.

    • LSE’s can work if you already have the volume you want and the margins to go with it. But if you seek growth in volume and/or margin this tactic only cheapens the brand and usually meets neither growth objective.

      Good marketing starts with asking the right questions, and for Leica having killed off yet another product line, I’m not sure they have any idea what questions they should be asking and as a consequence what marketing strategy they should be pursuing.

      • Well, I would say that Leica do have “the volume you want and the margins to go with it”
        Their problem is producing enough of the more expensive items (APO lenses for instance). Currently most of the stores are out of stock of about 1/3 lenses (and always the ones that sell best).
        So I don’t really believe they are going for growth, and I would have thought that these LSE’s do very well to a sector of their market who do not read forums!

  8. From a marketing perspective these LSE’s are low cost but do not grow the desirability, market share or reach of the brand. From that perspective they are a naive attempt to do “something”, though after 40 years in the marketing business I’m really baffled about what that “something” is and why you would pursue that path.

    • I think that is an astute observation. I also continue to be unsure and sometimes feel that all this flummery is not doing Leica’s image as much good as they would hope.

    • I could think of a few things Leica could do to grow the brand – that doesn’t include flogging these unique models. Heck they could sell them, and do other things to grow their brand.

      And still Leica doesnt offer a decent X replacement, or CL for that matter. and thus has reduced the reach of its brand. Hardly ground breaking stuff to have produced a new camera in the lower price ranges to entice people in. Sad.

      • Hi Dave
        Their experience in producing cameras / lenses in the lower price brand hasn’t been successful . . . which is why they stopped doing it!
        On the other hand selling increasingly expensive cameras and lenses seems to be doing very well indeed.
        To grow, all they need to do is to sort out production issues with the more difficult items (35 APO springs to mind).

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