Category Archives: Leica II

The Leica as An Investment

A Two Page 1973 Leica Advertisement

I ran across this 1973 ad for the Leica M5 and the Leicaflex SL and started thinking about the relative value of Leicas over time and how that value manifests itself today. Many of us consider our Leicas as ‘investments’ in the sense that it’s a pretty safe place to park some cash with the understanding that you’ll be able to get most, or all, or even more, out of it when you sell it. It’s a way I justify buying Leicas to my wife: we could either park an extra 3 grand in our bank account, serving no practical purpose except collecting chicken scratch for interest, or we could ‘invest’ it in the purchase of a Leica, a thing I’ll use and handle and admire and get some practical satisfaction from. I’ll take photos with it and it will inspire me to write about it on the blog. I’ll either like it or I won’t, but I’ll have the experience of having owned it, used it, better understood and appreciated it. And then, if we need the money again, I’ll sell it to a Leicaphilia reader and usually break even. Voila! Money put to good use. And a reader gets a decent deal on a decent camera that they know they can trust. What’s not to like? Of course, Leica could help me circumvent this process by sending me a camera or two to test, but I’m pretty sure that’s not going to happen. Who knows? Surprise me, Leica. I promise you an honest review.

The first thing that struck me was how expensive, in real terms, the M5 was in relation to the Leica models that had come before. If you run the purchase price numbers given by Leica through an inflation calculator, you’ll come up with the equivalent amount of circa 2021 dollars that purchase price represents. So, for example, buying a Leica Model II d in 1939 for $100 was the equivalent of paying $1900 for it in today’s dollar; a IIIg in 1958 for $163 would be the equivalent of paying $1467 for it today ( interestingly enough, the Professional Nikon, the Nikon SP, with a 50mm Nikkor f/1.4, sold in 1958 for today’s equivalent of $3,000); today an M3 would cost new $2373, the M4 $2320. Expensive, but not prohibitively so. The M5 body, were it sold today, would cost $3663. That’s a big increase in price over the iconic M3 and M4. With a decent Leitz 50mm Summilux (the lens it’s wearing in the Leica advert), it’d cost you >$6000 in today’s money. So, Leicas were pricey even back then. And the M5, now the unloved ugly duckling selling at a discount to the M2-M7, commanded a premium price over the iconic M2, M3 and M4.

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Nikon Price Guide From 1976: Click on it to enlarge it and open it up in a new tab

It also gives us some sense of why the M5 might have ‘failed’ in the market [arguable, but that’s a discussion for another time], as opposed to its failure as an evolution of the M system [which it most certainly was not]. In addition to being technically deficient as a pro ‘system’ camera (based on the inherent drawbacks of a rangefinder) in relation to the Nikon F2 and Canon Ftn, it cost a fortune. To compare, a Nikon F2 Photomic with 50mm Nikkor 1.4, then the state-of-the-art, retailed for $600, although in actuality it sold out-the-door for maybe $500. The M5, you paid full price. Throw in $350 for a Summilux. In today’s money, that means buying a new Nikon F2 with 50mm 1.4 Nikkor in 1973 would set you back $3100, while an M5 with a 50mm 1.4 Summilux in 1973 would cost the equivalent of $6070 today. The M5 with lens was essentially double the price of the top shelf Pro Nikon with lens, which was then the professional’s system of choice.

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What do they go for today? You can sell the M5 and Summilux you bought in 1973 today, almost 50 years later, for +/- $3500. It’s probably going to need a going-over by one of the few techs who still work on the M5 – Sherri Krauter, DAG, one or two others, but that’s the buyer’s problem, not yours. Not a bad return for a camera you’ve used for 48 years. An M4 body, purchased in 1969 for $2300 will fetch you $1500-$1800; a single stroke M3 $1300-$1500; a Leica II d you paid $1900 for in 1939, today, you’ll you get +/- $300. Not exactly a prudent “investment” if you’re looking for a return on your money, but certainly excellent resale value of something you’ve used for half to three/quarters of a century. Like most things Leica, what appears crazy can in reality be quite prudent. Taking it all into consideration, buying a Leica is, moneywise, pretty much a smart idea.

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Amelia Earhart’s Leica….

…is up for sale by some guy on Ebay. 70K. Rest assured, it’s legit. Ms. Earhart was kind enough to sign some paperwork saying it’s her’s before she boarded her plane (the paperwork “almost like new”):

Im selling Amelia Earharts camera which was gifted by her to a family memeber in 1933 after returning back from a  trip to Chicago with her Husband.
The camera has been in my family possesion since that time and has been in long term storage, the camera appears to be working correctly.
The hand signed card was personally signed by Amelia and given to my Grandfather  along with the camera by Amelia Earhart back in 1933 in Rye New York
Everything is authentic , Ive known this camera all my life
the signed card is almost like new as it has been stored carefully
will post world wide
I would like the camera to go to a museum if possible.
Please note I have absolutley nothing to prove that this was in fact Miss Earharts Camera and research would need to be done to confirm such, I have absolutely no idea how to do that myself. From memory over 40 years ago my Father told me that she found it fidly to load, Miss Earhart may have studied Photography , my Grandfather had said as much and described her as a keen photographer , she preffered a Kodak folding camera as I recall being told a very long time ago. she was also described as very nice and down to earth,

Could be true, I guess, although it reeks of the typical “Third Man Camera” scam. Apparently, the same camera had previously been up for auction last year in Glasgow with a similar story:

A RARE camera which belonged to American aviation pioneer Amelia Earhart is to go under the hammer in Glasgow.The pilot’s prized possession will be just one of a collection of vintage and modern cameras to go on sale this month.

Around 120 lots belonging to photography enthusiast Ian Macdonald, from East Ayrshire, are to be auctioned off by McTear’s Auctioneers on March 24.The jewel in the crown is a Leica 1, which was gifted to Amelia Earhart by her husband George P Putnam.The black paint camera, which was made in 1929, is thought to have been given to Ian’s grandfather Wullie Macdonald when he worked for a cleaning firm that collected laundry from hotels and homes in New York.One of his jobs was to collect clothing from Earhart’s house in Rye and during a visiting in 1933, he commented on the aviator’s camera.

Earhart, who was the first women to fly solo across the Atlantic, told Wullie she preferred to use another model and gifted to him along with a signed card.It is expected to reach between £10,000 and £15,000 and includes a leather carry case, lens cap, range finder, two reloadable film cassettes and holder.

Ian said: “The story behind this camera is fascinating and of all the ones I own it definitely evokes the most emotion as it’s been in my family for so long.”My grandfather began the collection, then my father continued it until it was eventually passed down to me.”Over the years I’ve added to it but I feel now is the right time to sell and allow others to get enjoyment from these great cameras.”

“A Leica camera and accessories that once belonged to pioneering pilot Amelia Earhart, which is among a collection of Leicas, prototypes and other cameras due to be auctioned this month by McTear’s Auctioneers, Glasgow”

I don’t discount the possibility that the story is true and this was Amelia Earhart’s Leica, but my sense is it’s another half-baked scam designed to fool some hapless collector with more money than sense. You just need one, and God knows they’re plentiful in Leica land. However, if you’re going to command a $69,500 premium for the camera based on that claim, you’d better have the proof locked down. In this instance, the “proof” is his word based on a tall tale Grandpa Wullie told him and a signed note alleged to be from Ms. Earhart.  While living in Los Angeles in 1923, Earhart did work in a photography studio; and she and a friend later briefly operated their own photography business. But there seems to be nothing in the historical record indicating Earhart used a Leica; on the contrary, all evidence points to the fact that she used a Kodak folding camera (the seller has cleverly noted the same in his auction). There’s also another guy claiming he owns Amelia Earhart’s camera).

It’s usually the specificity of the story which raises the red flags – the fact that the camera was special ordered by a Busby Catenach of Wawatusa, Wisconsin; or the father’s notes indicating some crucial fact, contained in a letter dated 1946 complete with return address and zip code (US zip codes weren’t used until 1963); or, in this case, the claim that the camera “is thought to have been given” to Amelia in 1933 and then by Ms. Earhart to grandpa in the same year because she found it “fidly to use” whereupon in went into his collector’s vault along with the signed note – yet the camera looks very well-used, presumably by Ms. Earhart.

And who the hell just gives an expensive Leica with all the extra goodies – given to you, no less, by your husband as a present – to the laundry man when he asks about it? Think of all the potential universes out there, and tell me with a straight face you can see that happening in one of them. [ Laundry Guy: “Nice Leica, Ms. Earhart!” Amelia Earhart: “Yeah, it’s a beauty. George gave it to me for my birthday. He’s such a dreamboat, that George. How thoughtful of him! Want it?” Laundry Guy: “You mean, like for nothing?!?” Amelia Earhart: “Yup. And, while we’re at at, allow me to sign a card for you proving it’s from me. Maybe it’ll help you sell it for scads of money someday after I get lost at sea!” Laundry Guy: “Gee. Thank you, Ms. Earhart!” Amelia Earhart: “No problem…and Wullie? Make sure there’s extra starch in Georgie’s shirts”.]

And don’t get me started on the signed note: it simply looks too good, all shiny and new, and in a plastic sleeve no less, a sleeve which wouldn’t conceivably be commercially available until the 80’s, and darn, doesn’t that note fit all nice and snug in that plastic sleeve.

In other words, if Mr. Ian MacDonald thinks he’s on the level (and he may), it sure appears Grandpa Wullie’s been telling him one heck of a story. And if you’d “like to see the camera go to a museum,” then ring up a museum instead of hawking it on Ebay. Just a thought. At least he’s considerate enough to wear white gloves when he uses the thing.

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Need A “Sacred Bark of the Aztecs Amatl Box” For Your Leica?

If so, you’re in business. Somebody is selling one on Ebay as we speak, only $225 and another $25 to ship it straight to your door. Comes with a nice little leather pouch too. Whether the pouch is sacred is not clear.

Speaking of interesting things on Ebay, there’s a “Leica Rangefinder 1934 Black And Chrome Camera with Keith Elma’s 1:35 F=50mm” currently for sale as well. Who Keith Elma is isn’t explained either.

Leica Rangefinder 1934 Black And Chrome Camera with Keith Elma’s 1:35 F=50mm

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