Since its inception, the events organized by Leitz Photographica Auction have become a significant gathering point for the international community around coveted collectibles from the world of photography. Among these, valuable objects from the 70-year history of the Leica M have always played an important part. In the 45th auction last weekend, one of the cameras in the M collection, an early prototype, achieved a staggering €2m-plus price.
First introduced in 1954, this groundbreaking Leica M system camera became the preferred choice for many of the world’s most renowned photojournalists and exceptional photographers during the latter half of the 20th century.
A commemoration of the 70th anniversary of the Leica M
To commemorate the anniversary of the M series, the Leitz Photographica Auction team curated a collection of exclusive items illuminating the history of this iconic model in all its facets — including some of the earliest development prototypes, which attracted considerable interest from many bidders. Our colleague William Fagan wrote a detailed preview of the exhibits in his All About M article on November 13.
Rare M prototype sells for 2.04 million euros
Among the standout items was an early ‘M’ prototype (lot number 76) that proved to be the most sought-after lot of the auction, thanks to its exceptional historical significance. “Produced between 1948 and 1949, this camera is one of the earliest known prototypes from the development of the M series.
It bears no serial number and is constructed entirely from a combination of unique machine-made and hand-crafted parts—undoubtedly one of the most extraordinary lots we have ever had the privilege to offer,” remarks Alexander Sedlak, Managing Director of Leitz Photographica Auction. The ‘M’ changed hands for an impressive 2,040,000 euros including premium.
This camera, auctioned with a unique M-Mount Elmar 3.5/3.5cm lens, was originally estimated at 600,000 to 700,000 euros.
Unnumbered M prototype and chassis collection hits €432,000
An even deeper glimpse into the history of the Leica M was provided by lot 79, comprising ten different prototype objects.
These camera bodies (“chassis”) were constructed by Leica engineers during the development of the later production version of the ‘M’, spanning an impressive 17-year timeline—from a modified ‘Leica III’ chassis dating back to 1936 to an aluminium Leica M body produced in 1953. This lot was sold for 432,000 euros including premium, surpassing its estimate of 300,000 to 340,000 euros.
Air Force M and charity lot
“It is not only M prototypes that hold exceptional rarity and thus immense collector value. Many cameras from the ‘M’ series, along with their accessories, are particularly remarkable for various other reasons—for instance, those produced in limited quantities for niche audiences,” explains Alexander Sedlak.
Falling into this category is a Leica M2 grey paint, serial number 1005769, one of only 20 units delivered in 1960 to the “U.S. Air Forces in Europe” in Wiesbaden. Manufactured in 1960, the camera entered the auction with an estimated value of 500,000 to 600,000 euros and ultimately fetched 900,000 euros, including premium.
As is tradition with the Leitz Photographica Auction, the auction house dedicated one lot to a charitable cause. This year, the experts selected a Leica M6J, produced in 1994 to commemorate the 40th anniversary of the M series. This special edition camera, sold with a collapsible Elmar 2.8/50mm lens, achieved a final price of 9,000 euros, including premium.
Next auction in Wetzlar and 100th anniversary of the Leica I
As always, the motto holds true: after the auction is before the auction! The next event organized by Leitz Photographica Auction will take place at Leitz Park in Wetzlar, the home of Leica Camera AG. The 46th edition of Leitz Photographica Auction is scheduled for June 26, 2025, coinciding with the celebrations of the 100th anniversary of the Leica I, first introduced in 1925.
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Thanks, Jon, this is a great report. The auction coincided with my 50th Wedding Anniversary (the day before) and for once I was not online, as I was visiting London with my wife where we were on our honeymoon in 1974. We actually stayed in the same hotel and went to the same theatre as we did in 1974. I put some pre-bids on 2 smaller items, a Leica lens and viewfinder, and I was pleasantly surprised to find out afterwards that they were both winning bids. We were visiting an exhibition at the Royal Academy in London while those items were sold.
I expected the M prototype to go above estimate, perhaps into 7 figures, but the over 2 million figure was a surprise. It is, however, a unique item and, with 2 or more wealthy bidders, such results are always possible. Nobody is going to walk around the streets taking pictures with the item, of course, but the new owner might be tempted to shoot of a roll or two in private surroundings. Other than the prototype body model, which may have had a starting bid that was too high, all of the items which I mentioned in my recent article sold for above estimate. I was particularly glad that the chassis group sold well. If I could afford this I could have years of fun playing around with those items. Just one small comment, the aluminium item was a chassis for the prewar Leica IV prototype which had an LTM mount, but had a combined viewfinder and rangefinder for different focal lengths. That camera never went into production.
Just looking along the results, many items sold for within the estimated range. For most production models it is possible to have a reasonable estimate of value, but for one-offs and prototypes, the sky is the limit.
William
William, forget your winning Leica bids; it sounds to me like your best win is your wife. Congratulations on 50! (I am only at 47, but we have returned to our honeymoon spot every 7 years).
William
Congratulations on your 50th. My wife and I celebrated ours in February 2023 by attending a lunchtime concert in the 1887 Jubilee Hall in Aldeburgh, Suffolk, (Queen Victoria’s Jubilee). Afterwards we then entered the poshest fish restaurant in Aldeburgh, perused the menu and left without ordering. We didn’t fancy what was on offer. Next port of call was the famous Aldeburgh fish and chip shop where we bought two bags of chips and then sat outside in the February sunshine on a bench overlooking the cold North sea. The chips were delicious.
Keep up the good work with Macfilos.
Congratulations William on your 50th wedding anniversary. And congratulations on your winning bids. BW, dunk
William, we forgot to mention in the article that, in normal circumstances (excluding 50th anniversaries) you would have written this report. I was also away in the north for the weekend, and Jon Cheffings stepped into the breach, armed with the press release from Ben at Leica’s industrious press office. Thanks, Jon, you did a good job. Mike
Thanks everyone for your kind good wishes. Mike, I am delighted to see another author writing about the history of Leica and vintage cameras. Jon did a great job. We all need to get together for the centenary of the commercial launch of the Leica, at the 1925 Leipzig Spring Fair, which will come up in March 2025. I have already had a number of requests to write something or to provide material for articles celebrating that event.
I keep getting requests to write articles from various sources. In recent weeks I have finalised two similar, but somewhat different, articles for different publications about British Lenses (Dallmeyer, Ross etc) on Early Leicas. This week when I came back from my Golden Anniversary celebration, I had to edit a blog article I had written for the National Photographic Archive at the National Library of Ireland showing the highlights of a camera and other ‘photographica’ collection, which dates back to 1854. Up ahead, I have to write a chapter on Victorian Darkrooms and pieces on at least 2 19th Century Irish Photographers for a PCCGB 50th Anniversary publication. And tomorrow night I am opening an exhibition at Photo Museum Ireland which I chair.
I can’t complain about the workload, but I can ‘blame’ you for starting me on the slippery slope when we met in Leica Mayfair in 2014 and you told me about a thing called ‘Macfilos’. Thanks for the initial impetus.
William
William, I can only apologise for dragging you into the world of blogging and authoring. However, I am sure you wouldn’t want to turn the clock back. I know you get a lot of satisfaction from all this voluntary work — as I do from running Macfilos. We would probably both be rather lost without the constant call to the keyboard. Thanks also for your general comments, and I know Jon will appreciate it. In fact, you could introduce him to Dan Tamarkin (if he doesn’t already know him) since they share a city. Perhaps he can become your Windy City correspondent.
Thanks Mike and William.
I believe I quite often hit the “like” button your Instagram posts William, so I’m happy to add a small contribution to your article on Macfilos.
I’m very well acquainted with Dan Tamarkin, as are my credit cards! And I have spent many a happy hour in his company on photowalks around the city.
As you know, Jon, we are always keen to cover Dan’s auctions. But so far, we haven’t had a local correspondent!