Jason Schneider
the Camera Collector
Leicas have always been expensive, but is Nikon far behind?
Comparing old and current prices for both reveals amazing insights!
By Jason Schneider
If you haven’t shopped for a Leica lately and want to experience sticker shock, just cruise one of the major photo retailer’s websites and check out the current prices being asked for new Leica cameras and lenses. While nobody doubts that Leica turns out unique and exceptional cameras and superlative optics, are their prices now out of line with other top companies in the imaging space? Have they outpaced even rampant inflation? To put it all in perspective we’ve compared Leica and Nikon prices from the 1950s to the present and converted them all into 2023 dollars to reveal some surprising facts.
Leica I (Model A) of 1925 was the first Leica sold to the public. At an initial price of $75.00 it certainly wasn't cheap (see text).
The very first Leica, the Leica I (Model A) was initially priced at $75.00 when it debuted in 1925. It was a princely sum, equivalent to $1,303.40 in 2023 dollars. Three years later, in 1928, E. Leitz Wetzlar upped the price of the “Leica A” to $95.00, equivalent to a staggering $1,689.59 in 2023 dollars. And remember this was for a spartan, minimalist “precision miniature” 35mm camera with a non-interchangeable, scale focusing 50mm f/3.5 Elmar lens and timed shutter speeds ranging from 1/20-1/500 sec. Obviously, this camera was intended for well-heeled connoisseurs, not for the mass market. However, it sold remarkably well despite its steep price because it was a unique, meticulously crafted camera with a timeless, ergonomic form factor, that was capable of outstanding performance—a formula for success Leica has steadfastly pursued even up to the present day.
To give you the best idea of how Leica and Nikon prices have evolved over the years it helps to select a line of products that has remained more-or-less comparable for several decades—it will not do to compare, for example, the prices of top-tier 35mm rangefinder cameras with those of late model DSLRs or today’s most advanced mirrorless marvels. Fortunately, there are two great lines of 35mm analog cameras that have retained their discrete identities over the course of more than 5 decades, the Leica M series (1954 to the present) and the Nikon F series (1959-2018). Note: Since it’s nearly impossible to determine actual selling prices for cameras, which are largely undocumented except possibly in ads, we’ve compared official factory prices, which reveal the broad trends. Many cameras and lenses, including those listed here, are often sold at discounted prices and in general it’s fair to say that Leica items are more often sold at list price or with smaller discounts than Nikon items. We therefore advise caution in drawing conclusions based on direct comparisons.
Price evolution of the Leica M
The landmark Leica M3 was introduced in 1954 at the price of $288.00 body only ($3,178 in 2023 dollars) and $447.00 with 50mm f/2 Summicron lens (a hefty $4,931.91 equivalent in 2023 dollars!). By April 1959 the price of a Leica M3 with a first generation 50mm f/1.4 Summilux lens was $468.00, equivalent to $4,80626, in 2023 dollars, a teensy price drop compared to 1954 when you factor in the faster lens. However, by 1962, a Leica M3 with (improved 2nd generation) 50mm f/1.4 Summilux would set you back $513.00, or $5,075.23 in 2023 dollars, and by 1965 the same outfit sold for $516.00, a slight drop to $4,908.57 in 2023 dollars. For the record, in 1965 a new Leicaflex (the original 1964 model now known as the “Standard”) was priced at $406.00 ($3,862.17 in 2023 dollars) body only, and $585.00 ($5,564.94 in 2023 dollars) with 50mm f/2 Summicron-R lens.
The landmark Leica M3, double stroke version shown here, cost $447.00 with collapsible Summicron lens in 1954, but that was a pile of dough!
By 1968 you could buy a new Leica M3 or M4 body (take your pick) for the grand sum of $288.00 ($2,521.46 in 2023 dollars) or an M2S (an M2 with self-timer) body at the bargain price of $249.00 ($2,180.01 in 2023 dollars). The newly released Leicaflex SL was then priced at $465.00 body only, or $639.00 with 50mm f/2 Summicron-R ($4,071.11 and $5,594.49 in 2023 dollars respectively). Prices jumped a bit in 1969 with the Leica M4 with 50mm f/1.4 Summilux rising to $612.00 ($5,116.61 in 2023 dollars), and the price of a Leicaflex SL with 50mm f/2 Summicron increasing to $738.00 (a whopping $6,170.03 in 2023 dollars).
The Leica M5, shown here with 50mm f/2 Summicron lens, was a fine camera, but considered inelegant. Its high price didn't help sales either.
By 1972 the Leica M5 arrived, and its initial price was $675.00 body only ($4,874,40 in 2023 dollars) and $948.00 with 50mm f/1.4 Summilux lens (a hefty $6,845.83 in 2023 dollars). If you think that’s high, only 2 years later in 1974 the M5/Summilux combo was priced at $1,320.00, equal to a staggering $8,479.91 in 2023 dollars! Many complained that the Leica M5 was “inelegant” and “un-Leica-like” but its high price surely contributed to its lack of success in the marketplace as well. By the way, the last of the Wetzlar-made Leicaflexes, the SL2, was priced at $987.00 body only, equal to $6,340.66 in 2023 dollars.
Leica M6 of 1984 looks gorgeous in black with matching second generation 50mm f/1.4 Summilux that was in production from 1961-2004!
The brief tale of the Leica M6, which debuted in 1984, is also fascinating. In January 1985 it was selling for $1,497.00, equivalent to $4,219.42 in 2023 dollars, but by March 1986 it shot up to $2,100.00 ($5,702.41 in 2023 dollars), and by July 1989, it is referenced by at least one reliable source at $3,375.00 (equal to a mind-blowing $8,312.00 in $2023 dollars). Judging by that standard, the forthcoming beautiful new black 2023 edition of the Leica M6 qualifies as an absolute bargain at a mere $5,295.00 and it even comes with a presentation box and a leather Leica strap! Or, for only 400 bucks more ($5,695.00), you can snag a classic black or chrome Leica MP, originally billed as a metered manual exposure version of the late lamented autoexposure M7. Finally, if you don’t need no stinkin’ meter (or its telltale front-mounted battery compartment cover) you can save a blistering 100 bucks (compared to the MP), by opting for the last of the meterless Leica Ms, the timeless classic Leica M-A, in your choice of black or chrome.
Is a new analog Leica M expensive? Sure, but that’s a Leica tradition that goes back nearly 100 years, and the current prices do not, in my arrogant opinion, reflect an excessive escalation when you factor for inflation over the last half century.
Price evolution of the Nikon S and Nikon F
Nikon (Nippon Kogaku) was Leica’s most successful rival in the glory days of elite interchangeable-lens rangefinder cameras in the mid-1950s, though by the late ‘50s Canon also became a leading contender. Sadly, the Zeiss Contax never really evolved beyond the lovely Contax IIa/IIIa of 1950 (a simplified, more reliable iteration of the prewar Contax II and III) and it was ultimately discontinued by 1961.
Gorgeous Nikon S2 of `1954-1956, shown here with 50mm f/2-H.C Nikkor was first Nikon with 24 x 36 format and life-size 1:1 viewfinder.
The first Nikon to really compete head-to-head with the Leica M3 and M2 was the Nikon S2 of the md ‘50s. It was the first Nikon to provide a standard 24x36mm full frame format, and the first with a large life-size 1:1 viewfinder with a single, fixed, etched frame line for the 50mm lens, and a ratcheted single stroke film wind lever. Like its predecessors, the Nikon S and Nikon M, the S2’s in-body rotating bayonet lens mount and rangefinder mechanism are based on (but not identical to) those in the Contax. However, Nikon’s engineers wisely chose to use a Leica type rubberized cloth horizontal focal plane shutter instead of the Contax’s pesky and more complex vertical metal slat roller blind shutter—and the S2 also had its top shutter speed raised to 1/1000 sec to be competitive with the Leica.
The price of a Nikon S2 in 1955 was $299.50 with 50mm f/2 lens (equal to $3,329.24 in 2023 dollars), and $345.00 with the iconic 50mm f/1.4 Nikkor-S.C ($3,835.02 in 2023 dollars). The latter is about $1,000 2023 dollars less than a comparable Leica M3 with 50mm f/1.4 Summilux, ana in line with the general notion that Nikon cameras cost roughly 30% less comparable Leicas at that time.
The glorious Nikon SP of 1957-1960, shown here with iconic 50mm f/1.4 Nikkor-S lens, was the last and most advanced rangefinder Nikon
The most advanced Nikon rangefinder 35, the grand and glorious Nikon SP of 1957-1960, which famously has a full array of projected, user selected parallax compensating frame lines for lenses 50-135mm and a separate wide-angle finder usable for 28 and 35mm focal lengths, was undoubtedly the closest thing to an archrival the Leica M-series ever had. And in 1958, Nikon also unveiled the Nikon S3, a simplified, lower cost model, with a life-size viewfinder and fixed etched frame lines for 35mm, 50mm, and 105mm lenses. In 1958, the Nikon SP with 50mm f/2 lens was priced at $369.50 (equal to $3,861.50 in 2023 dollars) and $415.00 with a 50mm f/1.4 Nikkor-S.C (the equivalent of $4,337.00 in 2023 dollars. The “economy” Nikon S3, was offered at $309.50, a paltry $3,234.46 in 2023 dollars. Conclusion: in the heyday of the elite rangefinder 35 Nikons were not exactly cheap, but you could save about 30% by opting for a Nikon camera as opposed to a Leica. Of course, that doesn’t take into consideration which one you’d rather shoot with. Personally, I’d pick the Leica M3, which (for me) has better ergonomics and handling and a brighter, crisper, range/viewfinder, albeit with fewer frame lines than the SP. As for Nikons, I’ve always been partial to the S2, a masterpiece of understated precision with a wonderful (and uncluttered) life-size viewfinder.
The Nikon F of 1959, shown here with plain prism and legendary F-mount 50mm f/1.4 Nikkor-S lens, sparked the SLR revolution the '60s.
When the Nikon F debuted in 1959 it created a sensation and revolutionized the photographic marketplace. Nikon’s first SLR was a rugged full system camera with an interchangeable prism and focusing screens, a large bayonet F mount, a titanium foil focal plane shutter, a fully removable back for mounting professional accessories including motor drives, and a single stroke ratcheted film advance lever. It was, in short, the pro SLR version of Nikon’s top-tier rangefinder cameras and by 1962 it was complemented by a full line of F/mount lenses ranging from a 21mm ultrawide to a 1000mm super-tele. The interchangeable prism allowed Nikon to offer a succession of ever more sophisticated coupled meter prisms allowing users to upgrade their cameras as new and better TTL metering systems were developed, a striking example of non-obsolescence that attracted many pros and serious enthusiasts and helped establish the Nikon’s reputation as the top professional SLR.
The Nikon F2, 1971 successor to the Nikon F, shown here with 50mm f/1.4 Nikkor-S and DP 1 meter finder, is one of the best SLRs of its era.
The original 1959 selling price for a Nikon F with plain prism and 50mm f/2 lens was a surprisingly low $186.00, equivalent to a measly $1,901.18 in 2023 dollars. However, by late 1963, the Nikon F was evidently such a hot item that the prices had skyrocketed to $233.00 body only with standard prism (equal to $2,274.79 in 2023 dollars) and $90 ($878.68 in 2023 dollars) for a 50mm f/2 lens, and a whopping $155.00 ($1,513.27 in 2023 dollars) for a 50mm f/1.4 Nikkor. Soooo…the most popular combo, a Nikon F with the 50mm f/1.4, would have set you back $388.00, a stupendous $3,788.07 in 2023 dollars. The follow-up Nikon F2 (1971-1980) was listed in 1972 at $660.00 with Photomic finder and 50mm f/1.4 Nikkor-S (equal to $4,766.08 in 2023 dollars) though discounts were widely available.
The Nikon F6: Last of the line, maybe the best, and a bargain to boot!
The Nikon F6 (2004-2020) was Nikon’s ultimate flagship 35mm SLR, a pro-caliber machine that incorporated all the latest advances. These included an 11-area AF system with 9 cross-sensors that provides exceptional speed and performance, a rugged, weatherproof die-cast chassis with magnesium alloy covers, 41 Custom Settings with a customizable function button, a high-tech Kevlar and aluminum alloy 150,000-cycle shutter with speeds to 1/8000 sec, an improved 1005-pixel Color Matrix Metering System, and i-TTL Balanced Fill-Flash and Creative lighting System functions. Other features: 7 interchangeable focusing screens, maximum burst rate of 5.5 fps (8 fps with optional MB-40 Battery Pack), and full viewfinder information. The last reliable selling (not list!) price we could find for a brand-new Nikon F6 body is $2,549.00 in 2019 ($3.011.29 in 2023 dollars) though it was widely available at $100-$200 less during its last 10 years of production. These days you can snag a clean fully functional Nikon F6 for about a grand on the top online auction sites; about $100-$200 more for one with a 50mm f/1.4 Nikkor. If you’re a film dinosaur like me, that’s a pretty good deal on a truly great camera.
Last of the Nikon F line, the Nikon F6 off 2004-2020, shown here with 50mm f/1.4D AF Nikkor, may well be the ultimate analog SLR of all time.
An addendum on 50mm f/1.4 Summilux price evolution
As you may know, the original 50mm f/1.4 Summulux-M of 1959 was based on the old Summarit optical formula, and it’s a nice lens with pleasing rendition (especially for portraiture) but it’s not nearly a sharp as the exceptional revised version of 1961-1962 that was designed by the legendary Dr. Walter Mandler and remained in production until it was replaced by the 50mm f/1.4 Summilux-M ASPH. in 2004!
The first 50mm f/1.4 Summilux of1959-1960, aka the Type 1, was based on the Summarit. It's a nice lens, but not as sharp as its successor.
Well, the original 50mm f/1.4 Summilux debuted at $188.00 in 1959 (equivalent to $2,033.42 in 2023 dollars), increased to $216.00 for the new version in 1962 and 1964 (equivalent to $2,136.94 and $2,074.70 respectively in 2023 dollars), and decreased to $210.00 in 1965 (equal to $1,997.67 in 2023 dollars). After some further fluctuations it settled down to $229.00 in chrome, and $252 in black in 1969 (equivalent to $1,914.55 and $2,106.84 respectively in 2023 dollars). Near mint used examples of the second version of the non-ASPH. 50mm f/1.4 Summilux are currently available on the top online auction sites at around $2,500-$3,000 per copy, so you’d have to say they hold their value very well.
The second iteration of the 50mm f/1.4 Summilux that debuted in 1961 is superb, a timeless classic that was in production until 2004!
The latest Summilux-M: Hyperinflation, or just that better costs more?
The forthcoming Summilux-M 50mm f/1.4 ASPH. of 2023 is pricey, but it may be the best M-mount Summilux ever and it gets down to 1.5 ft.
The new Leica Summilux-M 50mm f/1.4 ASPH. Lens (Leica M, Black, 2023 Version) is of course an optically upgraded lens and may well be the finest 50mm f/1.4 Summilux in M-mount that has ever been produced. Featuring virtually the same superlative optical formula as the classic Summilux M ASPH. introduced nearly 20 years ago, the new lens offers a few notable updates. Perhaps most significant, like the APO-Summicron-M 35mm f/2 ASPH., the revised 35mm Summilux-M features close-focusing down to 1.5 feet (enabling compelling closeups that can be focused in Live View on digital Leica Ms) thanks to a newly developed patent-pending double cam focusing unit. Also new are an eleven-bladed diaphragm for enhanced bokeh when stopped down, and a built-in retractable circular lens shade. Not surprisingly, acquiring the latest, most flexible, and maybe the best 50mm Summilux-M ever comes at a price, namely $4,495.00 in 2023 dollars, and you may have to wait a bit because it’s just been announced, and is currently listed as “coming soon.” The upside: The previous version, which looks stunning in silver (still currently available but out of stock) costs $300 more!
A realistic end-user’s choice in 1963: Leica M3 vs. Nikon F
In 1963, 4 years after the introduction of the Nikon F, a Nikon F with plain prism and 50mm f/1.4 Nikkor was priced at $388.00, and 9 years after the Leica M3 debuted, it was priced at $513.00 with a (superb generation 2) 50mm f/1.4 Summilux. The difference in 1963 dollars is $125, which doesn’t sound like it would be a game changer for many buyers, but it represents a whopping $1,220.38 in 2023 dollars. Indeed, that’s one reason the Nikon outsold the Leica by more than a 10:1 ratio!
At the time, the 50mm f/1.4 Summilux was the finest series production f/1.4 lens in the world, but the 35mm SLR was in its ascendency due to its greater optical flexibility, TTL viewfinder, and inherent freedom from parallax at all distances. Its lineal descendant, the DSLR, remained the dominant camera type among serious shooters until a few years ago when the mighty mirrorless finally took its place.
Comparing old and current prices for both reveals amazing insights!
By Jason Schneider
If you haven’t shopped for a Leica lately and want to experience sticker shock, just cruise one of the major photo retailer’s websites and check out the current prices being asked for new Leica cameras and lenses. While nobody doubts that Leica turns out unique and exceptional cameras and superlative optics, are their prices now out of line with other top companies in the imaging space? Have they outpaced even rampant inflation? To put it all in perspective we’ve compared Leica and Nikon prices from the 1950s to the present and converted them all into 2023 dollars to reveal some surprising facts.
Leica I (Model A) of 1925 was the first Leica sold to the public. At an initial price of $75.00 it certainly wasn't cheap (see text).
The very first Leica, the Leica I (Model A) was initially priced at $75.00 when it debuted in 1925. It was a princely sum, equivalent to $1,303.40 in 2023 dollars. Three years later, in 1928, E. Leitz Wetzlar upped the price of the “Leica A” to $95.00, equivalent to a staggering $1,689.59 in 2023 dollars. And remember this was for a spartan, minimalist “precision miniature” 35mm camera with a non-interchangeable, scale focusing 50mm f/3.5 Elmar lens and timed shutter speeds ranging from 1/20-1/500 sec. Obviously, this camera was intended for well-heeled connoisseurs, not for the mass market. However, it sold remarkably well despite its steep price because it was a unique, meticulously crafted camera with a timeless, ergonomic form factor, that was capable of outstanding performance—a formula for success Leica has steadfastly pursued even up to the present day.
To give you the best idea of how Leica and Nikon prices have evolved over the years it helps to select a line of products that has remained more-or-less comparable for several decades—it will not do to compare, for example, the prices of top-tier 35mm rangefinder cameras with those of late model DSLRs or today’s most advanced mirrorless marvels. Fortunately, there are two great lines of 35mm analog cameras that have retained their discrete identities over the course of more than 5 decades, the Leica M series (1954 to the present) and the Nikon F series (1959-2018). Note: Since it’s nearly impossible to determine actual selling prices for cameras, which are largely undocumented except possibly in ads, we’ve compared official factory prices, which reveal the broad trends. Many cameras and lenses, including those listed here, are often sold at discounted prices and in general it’s fair to say that Leica items are more often sold at list price or with smaller discounts than Nikon items. We therefore advise caution in drawing conclusions based on direct comparisons.
Price evolution of the Leica M
The landmark Leica M3 was introduced in 1954 at the price of $288.00 body only ($3,178 in 2023 dollars) and $447.00 with 50mm f/2 Summicron lens (a hefty $4,931.91 equivalent in 2023 dollars!). By April 1959 the price of a Leica M3 with a first generation 50mm f/1.4 Summilux lens was $468.00, equivalent to $4,80626, in 2023 dollars, a teensy price drop compared to 1954 when you factor in the faster lens. However, by 1962, a Leica M3 with (improved 2nd generation) 50mm f/1.4 Summilux would set you back $513.00, or $5,075.23 in 2023 dollars, and by 1965 the same outfit sold for $516.00, a slight drop to $4,908.57 in 2023 dollars. For the record, in 1965 a new Leicaflex (the original 1964 model now known as the “Standard”) was priced at $406.00 ($3,862.17 in 2023 dollars) body only, and $585.00 ($5,564.94 in 2023 dollars) with 50mm f/2 Summicron-R lens.
The landmark Leica M3, double stroke version shown here, cost $447.00 with collapsible Summicron lens in 1954, but that was a pile of dough!
By 1968 you could buy a new Leica M3 or M4 body (take your pick) for the grand sum of $288.00 ($2,521.46 in 2023 dollars) or an M2S (an M2 with self-timer) body at the bargain price of $249.00 ($2,180.01 in 2023 dollars). The newly released Leicaflex SL was then priced at $465.00 body only, or $639.00 with 50mm f/2 Summicron-R ($4,071.11 and $5,594.49 in 2023 dollars respectively). Prices jumped a bit in 1969 with the Leica M4 with 50mm f/1.4 Summilux rising to $612.00 ($5,116.61 in 2023 dollars), and the price of a Leicaflex SL with 50mm f/2 Summicron increasing to $738.00 (a whopping $6,170.03 in 2023 dollars).
The Leica M5, shown here with 50mm f/2 Summicron lens, was a fine camera, but considered inelegant. Its high price didn't help sales either.
By 1972 the Leica M5 arrived, and its initial price was $675.00 body only ($4,874,40 in 2023 dollars) and $948.00 with 50mm f/1.4 Summilux lens (a hefty $6,845.83 in 2023 dollars). If you think that’s high, only 2 years later in 1974 the M5/Summilux combo was priced at $1,320.00, equal to a staggering $8,479.91 in 2023 dollars! Many complained that the Leica M5 was “inelegant” and “un-Leica-like” but its high price surely contributed to its lack of success in the marketplace as well. By the way, the last of the Wetzlar-made Leicaflexes, the SL2, was priced at $987.00 body only, equal to $6,340.66 in 2023 dollars.
Leica M6 of 1984 looks gorgeous in black with matching second generation 50mm f/1.4 Summilux that was in production from 1961-2004!
The brief tale of the Leica M6, which debuted in 1984, is also fascinating. In January 1985 it was selling for $1,497.00, equivalent to $4,219.42 in 2023 dollars, but by March 1986 it shot up to $2,100.00 ($5,702.41 in 2023 dollars), and by July 1989, it is referenced by at least one reliable source at $3,375.00 (equal to a mind-blowing $8,312.00 in $2023 dollars). Judging by that standard, the forthcoming beautiful new black 2023 edition of the Leica M6 qualifies as an absolute bargain at a mere $5,295.00 and it even comes with a presentation box and a leather Leica strap! Or, for only 400 bucks more ($5,695.00), you can snag a classic black or chrome Leica MP, originally billed as a metered manual exposure version of the late lamented autoexposure M7. Finally, if you don’t need no stinkin’ meter (or its telltale front-mounted battery compartment cover) you can save a blistering 100 bucks (compared to the MP), by opting for the last of the meterless Leica Ms, the timeless classic Leica M-A, in your choice of black or chrome.
Is a new analog Leica M expensive? Sure, but that’s a Leica tradition that goes back nearly 100 years, and the current prices do not, in my arrogant opinion, reflect an excessive escalation when you factor for inflation over the last half century.
Price evolution of the Nikon S and Nikon F
Nikon (Nippon Kogaku) was Leica’s most successful rival in the glory days of elite interchangeable-lens rangefinder cameras in the mid-1950s, though by the late ‘50s Canon also became a leading contender. Sadly, the Zeiss Contax never really evolved beyond the lovely Contax IIa/IIIa of 1950 (a simplified, more reliable iteration of the prewar Contax II and III) and it was ultimately discontinued by 1961.
Gorgeous Nikon S2 of `1954-1956, shown here with 50mm f/2-H.C Nikkor was first Nikon with 24 x 36 format and life-size 1:1 viewfinder.
The first Nikon to really compete head-to-head with the Leica M3 and M2 was the Nikon S2 of the md ‘50s. It was the first Nikon to provide a standard 24x36mm full frame format, and the first with a large life-size 1:1 viewfinder with a single, fixed, etched frame line for the 50mm lens, and a ratcheted single stroke film wind lever. Like its predecessors, the Nikon S and Nikon M, the S2’s in-body rotating bayonet lens mount and rangefinder mechanism are based on (but not identical to) those in the Contax. However, Nikon’s engineers wisely chose to use a Leica type rubberized cloth horizontal focal plane shutter instead of the Contax’s pesky and more complex vertical metal slat roller blind shutter—and the S2 also had its top shutter speed raised to 1/1000 sec to be competitive with the Leica.
The price of a Nikon S2 in 1955 was $299.50 with 50mm f/2 lens (equal to $3,329.24 in 2023 dollars), and $345.00 with the iconic 50mm f/1.4 Nikkor-S.C ($3,835.02 in 2023 dollars). The latter is about $1,000 2023 dollars less than a comparable Leica M3 with 50mm f/1.4 Summilux, ana in line with the general notion that Nikon cameras cost roughly 30% less comparable Leicas at that time.
The glorious Nikon SP of 1957-1960, shown here with iconic 50mm f/1.4 Nikkor-S lens, was the last and most advanced rangefinder Nikon
The most advanced Nikon rangefinder 35, the grand and glorious Nikon SP of 1957-1960, which famously has a full array of projected, user selected parallax compensating frame lines for lenses 50-135mm and a separate wide-angle finder usable for 28 and 35mm focal lengths, was undoubtedly the closest thing to an archrival the Leica M-series ever had. And in 1958, Nikon also unveiled the Nikon S3, a simplified, lower cost model, with a life-size viewfinder and fixed etched frame lines for 35mm, 50mm, and 105mm lenses. In 1958, the Nikon SP with 50mm f/2 lens was priced at $369.50 (equal to $3,861.50 in 2023 dollars) and $415.00 with a 50mm f/1.4 Nikkor-S.C (the equivalent of $4,337.00 in 2023 dollars. The “economy” Nikon S3, was offered at $309.50, a paltry $3,234.46 in 2023 dollars. Conclusion: in the heyday of the elite rangefinder 35 Nikons were not exactly cheap, but you could save about 30% by opting for a Nikon camera as opposed to a Leica. Of course, that doesn’t take into consideration which one you’d rather shoot with. Personally, I’d pick the Leica M3, which (for me) has better ergonomics and handling and a brighter, crisper, range/viewfinder, albeit with fewer frame lines than the SP. As for Nikons, I’ve always been partial to the S2, a masterpiece of understated precision with a wonderful (and uncluttered) life-size viewfinder.
The Nikon F of 1959, shown here with plain prism and legendary F-mount 50mm f/1.4 Nikkor-S lens, sparked the SLR revolution the '60s.
When the Nikon F debuted in 1959 it created a sensation and revolutionized the photographic marketplace. Nikon’s first SLR was a rugged full system camera with an interchangeable prism and focusing screens, a large bayonet F mount, a titanium foil focal plane shutter, a fully removable back for mounting professional accessories including motor drives, and a single stroke ratcheted film advance lever. It was, in short, the pro SLR version of Nikon’s top-tier rangefinder cameras and by 1962 it was complemented by a full line of F/mount lenses ranging from a 21mm ultrawide to a 1000mm super-tele. The interchangeable prism allowed Nikon to offer a succession of ever more sophisticated coupled meter prisms allowing users to upgrade their cameras as new and better TTL metering systems were developed, a striking example of non-obsolescence that attracted many pros and serious enthusiasts and helped establish the Nikon’s reputation as the top professional SLR.
The Nikon F2, 1971 successor to the Nikon F, shown here with 50mm f/1.4 Nikkor-S and DP 1 meter finder, is one of the best SLRs of its era.
The original 1959 selling price for a Nikon F with plain prism and 50mm f/2 lens was a surprisingly low $186.00, equivalent to a measly $1,901.18 in 2023 dollars. However, by late 1963, the Nikon F was evidently such a hot item that the prices had skyrocketed to $233.00 body only with standard prism (equal to $2,274.79 in 2023 dollars) and $90 ($878.68 in 2023 dollars) for a 50mm f/2 lens, and a whopping $155.00 ($1,513.27 in 2023 dollars) for a 50mm f/1.4 Nikkor. Soooo…the most popular combo, a Nikon F with the 50mm f/1.4, would have set you back $388.00, a stupendous $3,788.07 in 2023 dollars. The follow-up Nikon F2 (1971-1980) was listed in 1972 at $660.00 with Photomic finder and 50mm f/1.4 Nikkor-S (equal to $4,766.08 in 2023 dollars) though discounts were widely available.
The Nikon F6: Last of the line, maybe the best, and a bargain to boot!
The Nikon F6 (2004-2020) was Nikon’s ultimate flagship 35mm SLR, a pro-caliber machine that incorporated all the latest advances. These included an 11-area AF system with 9 cross-sensors that provides exceptional speed and performance, a rugged, weatherproof die-cast chassis with magnesium alloy covers, 41 Custom Settings with a customizable function button, a high-tech Kevlar and aluminum alloy 150,000-cycle shutter with speeds to 1/8000 sec, an improved 1005-pixel Color Matrix Metering System, and i-TTL Balanced Fill-Flash and Creative lighting System functions. Other features: 7 interchangeable focusing screens, maximum burst rate of 5.5 fps (8 fps with optional MB-40 Battery Pack), and full viewfinder information. The last reliable selling (not list!) price we could find for a brand-new Nikon F6 body is $2,549.00 in 2019 ($3.011.29 in 2023 dollars) though it was widely available at $100-$200 less during its last 10 years of production. These days you can snag a clean fully functional Nikon F6 for about a grand on the top online auction sites; about $100-$200 more for one with a 50mm f/1.4 Nikkor. If you’re a film dinosaur like me, that’s a pretty good deal on a truly great camera.
Last of the Nikon F line, the Nikon F6 off 2004-2020, shown here with 50mm f/1.4D AF Nikkor, may well be the ultimate analog SLR of all time.
An addendum on 50mm f/1.4 Summilux price evolution
As you may know, the original 50mm f/1.4 Summulux-M of 1959 was based on the old Summarit optical formula, and it’s a nice lens with pleasing rendition (especially for portraiture) but it’s not nearly a sharp as the exceptional revised version of 1961-1962 that was designed by the legendary Dr. Walter Mandler and remained in production until it was replaced by the 50mm f/1.4 Summilux-M ASPH. in 2004!
The first 50mm f/1.4 Summilux of1959-1960, aka the Type 1, was based on the Summarit. It's a nice lens, but not as sharp as its successor.
Well, the original 50mm f/1.4 Summilux debuted at $188.00 in 1959 (equivalent to $2,033.42 in 2023 dollars), increased to $216.00 for the new version in 1962 and 1964 (equivalent to $2,136.94 and $2,074.70 respectively in 2023 dollars), and decreased to $210.00 in 1965 (equal to $1,997.67 in 2023 dollars). After some further fluctuations it settled down to $229.00 in chrome, and $252 in black in 1969 (equivalent to $1,914.55 and $2,106.84 respectively in 2023 dollars). Near mint used examples of the second version of the non-ASPH. 50mm f/1.4 Summilux are currently available on the top online auction sites at around $2,500-$3,000 per copy, so you’d have to say they hold their value very well.
The second iteration of the 50mm f/1.4 Summilux that debuted in 1961 is superb, a timeless classic that was in production until 2004!
The latest Summilux-M: Hyperinflation, or just that better costs more?
The forthcoming Summilux-M 50mm f/1.4 ASPH. of 2023 is pricey, but it may be the best M-mount Summilux ever and it gets down to 1.5 ft.
The new Leica Summilux-M 50mm f/1.4 ASPH. Lens (Leica M, Black, 2023 Version) is of course an optically upgraded lens and may well be the finest 50mm f/1.4 Summilux in M-mount that has ever been produced. Featuring virtually the same superlative optical formula as the classic Summilux M ASPH. introduced nearly 20 years ago, the new lens offers a few notable updates. Perhaps most significant, like the APO-Summicron-M 35mm f/2 ASPH., the revised 35mm Summilux-M features close-focusing down to 1.5 feet (enabling compelling closeups that can be focused in Live View on digital Leica Ms) thanks to a newly developed patent-pending double cam focusing unit. Also new are an eleven-bladed diaphragm for enhanced bokeh when stopped down, and a built-in retractable circular lens shade. Not surprisingly, acquiring the latest, most flexible, and maybe the best 50mm Summilux-M ever comes at a price, namely $4,495.00 in 2023 dollars, and you may have to wait a bit because it’s just been announced, and is currently listed as “coming soon.” The upside: The previous version, which looks stunning in silver (still currently available but out of stock) costs $300 more!
A realistic end-user’s choice in 1963: Leica M3 vs. Nikon F
In 1963, 4 years after the introduction of the Nikon F, a Nikon F with plain prism and 50mm f/1.4 Nikkor was priced at $388.00, and 9 years after the Leica M3 debuted, it was priced at $513.00 with a (superb generation 2) 50mm f/1.4 Summilux. The difference in 1963 dollars is $125, which doesn’t sound like it would be a game changer for many buyers, but it represents a whopping $1,220.38 in 2023 dollars. Indeed, that’s one reason the Nikon outsold the Leica by more than a 10:1 ratio!
At the time, the 50mm f/1.4 Summilux was the finest series production f/1.4 lens in the world, but the 35mm SLR was in its ascendency due to its greater optical flexibility, TTL viewfinder, and inherent freedom from parallax at all distances. Its lineal descendant, the DSLR, remained the dominant camera type among serious shooters until a few years ago when the mighty mirrorless finally took its place.
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das
Well-known
The relative prices of these cameras in the 1950s and 1960s is fascinating. On the one hand, few "regular" people in 2023 would pay $4,000 for a film rangefinder camera with a 1.4 lens. However, products like the M10 body, the M11 body, and the most recent ASPH Summiluxes are actually more expensive than the highest-end Leica bodies and lenses of the 1950s/60s, accounting for inflation/purchasing power changes. Although I did not live during that era, life seems to have been in many ways just more affordable back then. Houses and rents were cheaper, unionized factory workers in single-income households often had vacation cottages and second cars, good public schools were free and state universities were dirt cheap, most people were not saddled by permanent debt like they are today, medical care and gas were significantly cheaper, cash was the norm with layaway being the only real consumer credit option, people did not have to shovel a significant percentage of their paychecks into private retirement accounts as corporate/government pensions were the norm for many, households specifically planned and put money away for marquee items like a new TV, a new camera, etc. This all might be an over-generalization, but it just seems that these higher-end cameras were not really out of reach for even the middle class if the households prioritized putting aside money for them.
The 1963 retail price of $388 ($3,800 in today's money) for a Nikon F and 50mm f/1.4 does not seem that crazy to me. Heck, a professional Sony A7R V BODY today costs almost $4,000.
The 1963 retail price of $388 ($3,800 in today's money) for a Nikon F and 50mm f/1.4 does not seem that crazy to me. Heck, a professional Sony A7R V BODY today costs almost $4,000.
Jason Schneider
the Camera Collector
Thanks very much for your thoughts. Having lived through the fabulous '50s and the sensual '60s, I agree that the middle/working classes were probably somewhat better off at that time than they are today, but overall the picture was not quite as rosy as you describe. Not everybody, including me, experienced this era as one of fulfillment and joy, and there was plenty of despair and anxiety to go around. The only reason I could afford to buy a Leica IIIg with 50mm f/2.8 Elmar in 1960 at age 18 was that I had to defer college and attend the School of Hard Knocks for 4 years, during which time I worked at least 2 jobs, and occasionally 3. As an emancipated minor I paid for my first year of college as a night student and worked a full-time day job driving a truck. I finally caught a break and received a full tuition scholarship based on my academic achievement, but even with that, and a modest living stipend I had to work to support myself and my nasty habit, taking pictures with a Leica.
Pál_K
Cameras. I has it.
In 1971 I remember the SRT-101 with 58/1.2 as being absolutely unobtainable at well over US$300. Being a student with no car, no TV, no telephone, nothing, I had only 127-format or 126-format to play with - a few rolls a year.
My problem, I suppose, is that I don’t accept in my mind these cameras as having risen in value.
In 1996 I remember buying a new M6 and 50/2 Summicron at Camera World of Oregon (walking into the Portland store) and I think I paid $1800 for the kit. It definitely was new-in-box. But even today I see it as overpriced at $1800.
My problem, I suppose, is that I don’t accept in my mind these cameras as having risen in value.
In 1996 I remember buying a new M6 and 50/2 Summicron at Camera World of Oregon (walking into the Portland store) and I think I paid $1800 for the kit. It definitely was new-in-box. But even today I see it as overpriced at $1800.
Its a strange thing for me to watch used film Leica M cameras and used Leica M lenses climbing higher and higher
in price over time thanks to ever increasing new film M camera increases,
while contemporary film cameras like Nikon, Canon, Zeiss etc produced that same year (any year) decrease in value over time.
If you own a few used film M cameras its a both a financial blessing for those cameras and lenses you own and a curse for the ones you want to own.
Would it be a better world if most used M film cameras still sold for around $1000 USD like the late 1980's?
Well it would be a different world than now, only then we would have complainers complaining about ridiculous $1000 used M prices.
As long as customers are willing to pay Leica's ever increasing new M film camera and lens prices,
the used Leica M film camera market will continue to climb.
Yet I have no confidence in long term increasing value of used digital M cameras.
Digital M's are merely tools whose used value reduces with every substantial increase in computer speed and memory.
Stephen
in price over time thanks to ever increasing new film M camera increases,
while contemporary film cameras like Nikon, Canon, Zeiss etc produced that same year (any year) decrease in value over time.
If you own a few used film M cameras its a both a financial blessing for those cameras and lenses you own and a curse for the ones you want to own.
Would it be a better world if most used M film cameras still sold for around $1000 USD like the late 1980's?
Well it would be a different world than now, only then we would have complainers complaining about ridiculous $1000 used M prices.
As long as customers are willing to pay Leica's ever increasing new M film camera and lens prices,
the used Leica M film camera market will continue to climb.
Yet I have no confidence in long term increasing value of used digital M cameras.
Digital M's are merely tools whose used value reduces with every substantial increase in computer speed and memory.
Stephen
Jason Schneider
the Camera Collector
As the sage said, time will tell. A brief survey of used Leica M8, M9 and M10 bodies on eBay indicates selling prices of (roughly) $2k, $3k, and $4k respectively. This suggests a relatively modest decrease in value over time, but not a precipitous decline. I agree that analog Leica Ms are probably a better long term “investment” but Van Gogh paintings have a higher rate of return-
wlewisiii
Just another hotel clerk
It's interesting. I've only ever bought Leica & Nikon used because new ones are just too expensive for me (or you can get the cheap Z cameras that are really made for video rather than still photographers).
Used ones though are affordable. My M 240 was $2.5k via an inheritance and I just got an F4 for $116. I expect to spend ~$600 my next payday for a D750 and consider that acceptable for decent cosmetics and less than 50k on the shutter.
As for a film Leica, if I really wanted one, I'd get either another CL or a Canon P. Either are better user cameras than the over priced film Ms. I expect, however, that my desire to shoot 35mm film will be satisfied quite well by that F4 that will use my collection of MF & AF lenses quite well.
Back in the day, I bought a number of Canons (AE-1, Rebel XS, A2E (open box, closeout) ) new becuase compared to Nikon they were cheap and I could manage them. Of course you get what you pay for and the kit zoom on that Rebel was especially hideous. Around 2012 I bought a F2 and have stuck to Leica and Nikon since but it's the cheap ass end of both because I'm a hotel clerk with a non-existent budget. My images are fine to me however - see my top three in June post - and that makes my cheap old used Leica & Nikon cameras & lenses more than good enough for me.
Used ones though are affordable. My M 240 was $2.5k via an inheritance and I just got an F4 for $116. I expect to spend ~$600 my next payday for a D750 and consider that acceptable for decent cosmetics and less than 50k on the shutter.
As for a film Leica, if I really wanted one, I'd get either another CL or a Canon P. Either are better user cameras than the over priced film Ms. I expect, however, that my desire to shoot 35mm film will be satisfied quite well by that F4 that will use my collection of MF & AF lenses quite well.
Back in the day, I bought a number of Canons (AE-1, Rebel XS, A2E (open box, closeout) ) new becuase compared to Nikon they were cheap and I could manage them. Of course you get what you pay for and the kit zoom on that Rebel was especially hideous. Around 2012 I bought a F2 and have stuck to Leica and Nikon since but it's the cheap ass end of both because I'm a hotel clerk with a non-existent budget. My images are fine to me however - see my top three in June post - and that makes my cheap old used Leica & Nikon cameras & lenses more than good enough for me.
das
Well-known
For some of us over a certain age, we are often not in touch with social media influencer culture. A bunch of people who generally did not grow up on film photography hawking the hobby to the masses on YouTube and monetizing the whole thing. These folks early on decided the glam onto very specific cameras -- like the M6, Pentax 67, Hassy 500s, Contax T3, etc., sending the used market for these into the stratosphere. Many of these folks also think that Porta 400 is the only color film stock on the planet. When they get bored or need new content, they pick a new crop of cameras to promote. Some of these kids are extremely talented and generally unassuming, with just wonderful photos that rival anything from the glory days. But lots of it is just abandoned basketball hoops, some classic car at sunset in southern California, skateboarders, and bad passerby street photography.
That's what's really nice about Cameraquest, Jason's articles, and this website in general. Really nice and talented people using cool, often obscure cameras and sharing their knowledge with the rest of us.
That's what's really nice about Cameraquest, Jason's articles, and this website in general. Really nice and talented people using cool, often obscure cameras and sharing their knowledge with the rest of us.
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Pál_K
Cameras. I has it.
A professional camera for less than the price of a Leica UV filter. Total win.
boojum
Ignoble Miscreant
I bought an M8.2 to test the waters, then an M9 for full frame. Then an M240 on the assumption it was 100% better. Not 100% better but still a good camera. I buy used as I cannot afford new. And the used ones can be very solid. Mine have been. Are they overpriced? How important is it to own one? That is the determining factor. If you want one bad enough you will buy one, somehow. And the good thing is that they hold their value. I do not see many at $116.
boojum
Ignoble Miscreant
What you say is true about the quality of photos. But not all of us are that talented. Should we not buy cameras? I take photos to please myself. If they pleases others that is grand and I am happy. But I am happy without others' approval, too.For some of us over a certain age, we are often not in touch with social media influencer culture. A bunch of people who generally did not grow up on film photography hawking the hobby to the masses on YouTube and monetizing the whole thing. These folks early on decided the glam onto very specific cameras -- like the M6, Pentax 67, Hassy 500s, Contax T3, etc., sending the used market for these into the stratosphere. Many of these folks also think that Porta 400 is the only color film stock on the planet. When they get bored or need new content, they pick a new crop of cameras to promote. Some of these kids are extremely talented and generally unassuming, with just wonderful photos that rival anything from the glory days. But lots of it is just abandoned basketball hoops, some classic car at sunset in southern California, skateboarders, and bad passerby street photography.
That's what's really nice about Cameraquest, Jason's articles, and this website in general. Really nice and talented people using cool, often obscure cameras and sharing their knowledge with the rest of us.
And with time and practice some of us might rise to higher levels of art and skill. Pros take lots of photos in a day and with a good eye. They were not born knowing. So while much of what we now do may be trite and stale, through practice it could improve.
pixie79
Member
Leica prices are a mirage! Many early digital M's have no more battery available, major flawed units are impossible! Where's value in a brick? Reality, film M's are forever, almost! M-digital = Landfill.
This applies to all digital cameras, not only Leica.
We live in a world of obsolescence. Sad!
This applies to all digital cameras, not only Leica.
We live in a world of obsolescence. Sad!
boojum
Ignoble Miscreant
I have a Sony DSC S70 from 2000 which is working just fine.
raydm6
Yay! Cameras! 🙈🙉🙊┌( ಠ_ಠ)┘ [◉"]
Nice article Jason!
What is amazing, is that this model is approaching the century mark (100+ year lifecycle!)! Who knows - with proper care - how many of these beautiful early mechanical cameras (and others) will last.
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Ko.Fe.
Lenses 35/21 Gears 46/20
I have my M4-2, M4-P and M3 ELC DS purchased used and working under $1000 USD between 2015 and 2018. Those where regular, common prices for used film Ms. M4-2 came from Japan, M4-P from USA via RFF classifieds and M3 ELC DS from local store (west of GTA).
Ko.Fe.
Lenses 35/21 Gears 46/20
For some of us over a certain age, we are often not in touch with social media influencer culture. A bunch of people who generally did not grow up on film photography hawking the hobby to the masses on YouTube and monetizing the whole thing. These folks early on decided the glam onto very specific cameras -- like the M6, Pentax 67, Hassy 500s, Contax T3, etc., sending the used market for these into the stratosphere. Many of these folks also think that Porta 400 is the only color film stock on the planet. When they get bored or need new content, they pick a new crop of cameras to promote. Some of these kids are extremely talented and generally unassuming, with just wonderful photos that rival anything from the glory days. But lots of it is just abandoned basketball hoops, some classic car at sunset in southern California, skateboarders, and bad passerby street photography.
That's what's really nice about Cameraquest, Jason's articles, and this website in general. Really nice and talented people using cool, often obscure cameras and sharing their knowledge with the rest of us.
Some nothing special, but fancy cameras went nuts in price due to so called Kardashian effect.
Film Ms were not massively produced to begin with. In fact, they are in relatively small numbers.
How many Ms are in captivity of so called collectors or "I don't use this camera, but it is an "investment""?
Plenty of Ms also migrated to new regions where money and income is. Like Japan.
So, we are dealing with fewer and fewer film Ms available on the market, while market has grown. Plus, insane new film M pricing (with quality flows like in Soviet times. btw). Why we have to sell working film M for $1K if new one is $5K and it is a lottery with quality.
Regarding " the glory days ", I must have missing something huge with my interest in photography and plenty of purchased books with photos from the past.
To me the only valuable photography is " passerby street photography". Because of this photography in the past, we know the life from the past and people. As is, for real. Younger people do the same as Winogrand did. Documenting.
dave lackey
Mentor
Better off financially in the 1950s? I respectfully disagree. My father was moving up in the world right after WWII, becoming a master machinist for a major bakery company and he left the truly awful textile industry sweat shops behind. But we still lived a very austere lifestyle. My Mom made our clothes. We grew our own vegetables. Public schools were the only option and those graduating high school were the lucky ones with a somewhat brighter future.., at least they could enter military service or find a decent job. These days, the wealth gaps between upper, middle and lower classes are widening. Perhaps that is why there is an apparent perception that “we” had it easier in the 50s and 60s. Life was simpler, not easier, and certainly different in every way.
I don’t why people think our contemporary life is even comparable to the 1950s. It really isn’t… Everything is totally different now. 🤷🏼♂️
In Atlanta, Ga., in the 1950s and 60s, not a single person we knew ever heard of a Leica camera, or could care less about the Nikon F ithey could not understand or afford but they had a Kodak “something”! And that was a major purchase… and, it was good enough. I personally had not even heard of a Leica camera until I was in graduate school (courtesy of working two jobs, and student loans).
As a professional for 5 decades in Urban and Regional Planning, planning and teaching at both graduate and undergraduate levels, I can see where a lack of information skews the perception of the past. It is complex.
In 2023, my personal observation is that most people here still don’t know what a Leica camera is. 🙂 Seriously. And if they have heard of it, they simply don’t care, they just use their phone. Again, everything is different including lifestyles. And they can buy the most expensive IPhone for a fraction of the cost of a new Leica M/Q/S/SL, etc. And they choose from a massive number of all types cameras offered on the market.
The point is, Leica cameras are expensive, always have been and forever will be. Nothing wrong with that. But the reality remains, Leica has long a history as a luxury purchase for most people. It was largely unheard of by the masses in the 1950s and later in Atlanta, and, I suspect throughout the country, as well. It probably was/is not the camera of choice in the rural areas anywhere, LOL. 😇
So, thank you for the research and comparative prices. I appreciate knowing the numbers, then and now. However, comparing prices and extrapolating conclusions without considering demographics, social and economic statistics is not really accurate, it is far more complicated than simply comparing prices of products.
And before I forget, I really enjoy your articles, thank you for all you do.🙂
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xayraa33
rangefinder user and fancier
A quality 35mm RF camera of a pro level in 1950s western Europe was usually a Leica or a Contax.
The Nikon S range of cameras was more promoted to the USA market.
The Nikon S range of cameras was more promoted to the USA market.
I have a Nikon SP marked in Meters and a Nikon S4 marked in feet. The SP was sold in Europe when new, the S4 was sold in the PX.
I also have an SP marked in Feet and an S4 in meters- the more common.
Prices on used Nikon and Canon rangefinders are way down in the last 10 years. Prices on Leica are way up after the release of the Leica M8. The days of buying Summicrons for $70 are over. You can pick up a good Nikon SP with 5cm F1.4 for under $800, and a good Canon P with Canon 50/1.4 for about $350 these days. Prices on classic LTM lenses are all over the place, based on being uncommon rather than optical quality. Buy when everyone else is selling, and sell when everyone else is buying. But only sell something that you can replace easily or have a spare of, or will not miss too much in the future.
I also have an SP marked in Feet and an S4 in meters- the more common.
Prices on used Nikon and Canon rangefinders are way down in the last 10 years. Prices on Leica are way up after the release of the Leica M8. The days of buying Summicrons for $70 are over. You can pick up a good Nikon SP with 5cm F1.4 for under $800, and a good Canon P with Canon 50/1.4 for about $350 these days. Prices on classic LTM lenses are all over the place, based on being uncommon rather than optical quality. Buy when everyone else is selling, and sell when everyone else is buying. But only sell something that you can replace easily or have a spare of, or will not miss too much in the future.
Shoot, used classic M6s were ~$1000 plus or minus all the way into the 2010s. Other Ms like M4-2 were less...even for pristine ones.