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Leica M Rangefinder Collectible Investment Guide

Rules of the Collectible Leica M Game:  Rare standard production M’s usually have a much greater appreciation potential than commemorative cameras.  The best examples of high priced production cameras include the black paint M3, M2, the M4.    The general exceptions to this rule are unpopular production cameras (like the MD and MDA), and very well done photography related commemoratives like the M6J, LHSA MP, and LHSA M6TTL.

The opinions expressed here are mine.  Different people will certainly have different opinions.  This Leica M Investment Guide is written to introduce Leica newbies to the Leica M collectible world -- hopefully helping them to avoid costly mistakes on rare but not so collectibles.    Rare does not always translate to a good investment.  Plentiful production doesn't always mean low investment value. 

Leica M Investment Star Ratings, Listed by Production Numbers

• 5 Stars: sure winner in my opinion
• 4 Stars: a winner that might turn to 5 stars over time
• 3 Stars: good appreciation potential 
• 2 Stars: questionable future appreciation value
• 1 Star: laughable future appreciation value in my opinion 

• M6 Cartier-Bresson 1 ****
• M6 TTL William Klein 1 ***
• M2 Luftwaffe Grey 20 ***** watch out for fakes 
• M3 Null Series 20 ? ***** watch out for fakes 
• MP-2  27 ***** watch out for fakes 
• M4-2 Half Frame ***** only a handful of real ones, hundreds of fakes
• M4-P Half Frame ***** only a handful of real ones, hundreds of fakes
• MDa-MOT 30 ?** factory converted M4-M’s, not much demand 
• M4 Fundas 30 ? *** converted M4-MOT w/o motor coupling for Zeiss, low demand
• M4 Green 31 ***** watch out for fakes
• MD Post 24x27 32 ** not much demand
• M6 TTL Swiss Demo 40 *
• M6 LHSA 1968-1988 43 **
• M6 Jaguar 50 ***  long live the XKE
• MP Ralph Gibson Signature 50, 2005 *, black chrome MP with gaudy red vulcanite, M7 style rewind, .85 viewfinder, 35/50/90 framelines and NO frameline preview lever, with Raph's engraved signature on top plate 
• M7 Titanium 50th M Anniversary 51 ** how much appreciation from $25,000?  an AE 50th Anniversary Camera? right.
• M6 TTL LHSA .58 60 **** rare great looking low production M 
• M6 Demo Benelux 70 *
• M4-2 Red Leitz Disc 92 very early production M4-2 ***** 
• M6 Zurich Photographic Center 100 **
• M6 Royal Photographic Society 100 **
• M7 Hermes 100 ***  orange or brown leather, 100 each color, set with Leicavit and 35/1.4 2009
• M4-P 84 Press *** estimated less than 100, 1984 Los Angeles Olympic cameras for press photogs 
• M6 Royal-Foto 102 *  Austrian Camera Dealer
• M6 Platinum with diamond Brunei 125 ***
• M6 special engraving for Japan 125 **
• M6 Gold 125 **
• MP Black 138 ***** one of the all time best Leica collectibles, watch out for fakes 
• M3 Olive 144 **** one of the all time best Leica collectibles. watch out for fakes
• M4 M 150 **** Black Paint, US Navy variation  
• M6 Historica 150 ** German Leica Society
• M6 Platinum Optics 150 **
• M6 Schmidt Centenary 151 * 
• M6 Oresunbron 150 *  bridge between Sweden and Denmark
• M6 LHSA 25th 151 **
• MDA Black 200 ** low demand
• MDA 24x36 200 ** low demand
• M4-P Everest 200 **
• M6 Royal Danish Wedding 200 * investment value? ha ha ha ha
• M6 Platinum Bruckner 200 * why Bruckner and not Beethoven? 
• M6 Platinum Brunei 200 **
• M4 Black (MDA) 200 ? ***
• M3 Green 214 ***** watch out for fakes 
• M1 Olive 208 **** watch out for fakes 
• MDA 24x27 217 **  low demand
• MD Post 24x36 227 **  low demand
• M6 Canada Engraving 270 *** watch out for fakes 
• M8 White 275 *  
• M2 M 276 **** 
• M6 Year of Rooster 300 * nick named the "Kentucky Fried Chicken Leica"
• M6 Gold Dragon 300 ***  well done, beautiful camera
• M6 TTL Green Paint 300 *** well done, beautiful camera
• M6 TTL ICS 300 * Japanese Camera Dealer
• MP Chrome 311***** one of the  most sought after Leica collectibles
• M4 50th Anniversary Canada 350 ***
• M6 Gold with Brunei engraving 350 *** well done, beautiful camera
• MP6 400 **** MP for Japanese market, well done, beautiful camera
• M6 TTL LHSA .85 500 **** well done, beautiful camera
• M7 Titanium 50th M Anniversary 500 *** an AE 50th Anniversary Camera? right..
• M6 TTL Dragon 500 ***  Chinese .85 version of the Millennium
• M6 Columbus 500 ** well done for 500th Anniversary of Columbus voyage
• MP Classic 500 * no meter.   words escape me.
• M6 Partner-Aktion Deutschland 500 * 
• MP Hermes 500 ** only Hermes popularity prevents one star, garish, set with 35/2, 2000 
• M8.2 Green Safari 500* Nice looking 8.2, future value likely not much more than black 8.2
• M4 KE-7 505 **** popular, and higher priced than production would indicate 
• M4 Leitz Canada 550 Black Chrome ***
• MP Anthracite 600 *** handsome grey M finish with Leicavit, 2003 50th Anniversary of M 
• M4 MOT **** Black Paint 640,  one of the most interesting Leicas
• M6 TTL LHSA .72 650 **** beautifully well done camera
• M6 Gold Thailand 700 ****  the prettiest M? beautifully well done camera
• M6 Ein Stock 996 **  English nick name “I’m Stuck with this camera.” 
• M4-2 Gold Oskar Barnack 1000 ** well done, but too gaudy to shoot with
• M6 999 * good idea, poorly executed with painted inscription
• MP-3 LHSA 1000 **** a home run, black paint will likely appreciate faster
• MP LHSA Hammertone 1000 ****  well done camera with unique M finish
• M6 TTL Titanium 1000 ***  nicely done camera
• M6 Panda 1000? * same value as normal M6, don’t pay a premium! 
• M6 Platinum 1250 **** popular 150 years of Photography, 75 years of Leica
• M4 50th Anniversary Wetzlar 1400 **** 
• M6 J 40th Anniversary 1640 ***** probably the best done M commemorative
• M5 50th Anniversary 1750 **** 
• M2 Black 1871 ***** one of the all time best Leica collectibles, watch out for fakes 
• M6 TTL Millennium 2000 **** popular Millennium theme, but M6 TTL LHSA better done
• M6 TTL Script 2000 * Japanese market, painted on Leica Script 
• M2-R 2000 **** popular, and over priced relative to production
• M4-P 1913-1983 2500 ***  70th Anniversary of Leica
• M3 Black  3010 ***** one of the all time best Leica collectibles,  watch out for fakes 
• M6 .85 classic version before M6 TTL ** interesting, but not much in demand 
• CL 50th Anniversary 3500 *** 
• M4-P with M6 windows 4500 estimated ** interesting, but not in much demand  
• M6 Titanium 6000 estimated ***  
• M3 over 1,100,000 17,718 *** high demand as best of M3’s  

NOTES 

• LIKE NEW Popular Leicas, such as the M3, M2, M4, IIIg are always in high demand at a big premium due to their rarity in truly like new condition. "Almost new" gets a premium, but "REALLY new" gets a huge premium because they are so hard to find. Remember buyers are super picky in this neighborhood -- the smallest scratch or rub mark can cut value by 2/3. Phrases like "new for its age" don't apply. Either it is like the day it left the factory, or it is not. 
• Leica M7 Flag * rare but poorly done with painted on flag. Get a 10 cent flag sticker.  
• Leica M Cutaways ** interesting, but low demand and hard to sell 
• Leica M Dummy Display Bodies ** interesting, but hard to sell 
• Leica M Name Engraved: Zero Stars: Any Leica engraved a name or ID number of some type on it, even if from the a la carte program, unless you are a world famous photographer. 
• Leica M Prototypes ***** beware, many are fakes
• Leica M Half Frames ***** beware, most are fakes 
• Leica M3, M2 Black Paint, check the serial numbers and paint job, some are fakes
• How good can a Leica fake be? A few years back a world famous auction house in England sold a world famous special presentation issue M given to a world famous person. The problem is that the real presentation M still resides in the US.  Real world, if the camera is not worth more than $5,000, there is not likely not enough of a financial incentive for anyone to construct a fake. 
• Six Stars: Cameras owned as the main shooting camera by world famous photogs with unquestionable documentation and proof of ownership. Where did that Frenchman with the uppity attitude squirrel away his Leicas? 
• The Leica “a la carte” Program starting in 2004 will likely turn out relatively rare variations, but don’t expect them to be collectibles any time soon --  if ever.  My guess is that cameras with 1) black paint finish cameras 2) Leica script top plate and 3) vulcanite body covering will turn out to be better long term values, along with the MP with M7 rewind fitted out as above. DON’T have your name engraved -- that kills future resale value – unless you are a world famous photog.
• How do you check out a rare Leica? Buy yourself the largest Leica library you can afford, study the books, and cross your fingers that you made a wise choice. 
• DON’T Buy a rare collectible Leica without a 10 day no-questions-asked, same condition as shipped, return privilege.

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Revised: March 06, 2010 .  Copyright © 1998-2010 Stephen Gandy. All rights reserved.    This means you may NOT copy and re-use the text or the pictures in ANY other internet or printed publication of ANY kind.  Information in this document is subject to change without notice.  Other products and companies referred to herein are trademarks or registered trademarks of their respective companies or mark holders.