Market Digest

2025 Year in Review: Leica Market Digest

Market trends and Leica sales from the past year

A look at how Leica's secondary market evolved in 2025

Over the past year, we've analyzed 3,534 transactions totaling $12.47 million in secondary market sales to provide you with a guide on what moved, what held value, and where buyers found the best Leica resale values. For a visual representation of our growing database, visit Summimarket.com.

Let's dive into the data and discover what 2025 revealed about the Leica market.

Quarterly Performance

Q1 (Jan-Mar): 825 transactions, $2.85M revenue, $3,460 avg
Q2 (Apr-Jun): 756 transactions, $2.85M revenue, $3,774 avg ↑ Peak pricing
Q3 (Jul-Sep): 1,033 transactions, $3.66M revenue, $3,539 avg ↑ Peak volume
Q4 (Oct-Dec): 920 transactions, $3.11M revenue, $3,378 avg

Q Series

The Q line dominated 2025 volume with 1,133 total sales, representing 32% of all transactions. The Q2 remained the workhorse of the used market while the Q3 commanded premium pricing.

Q3 28mm:

337 sales
Price range: $3,500-$6,949
Average: $5,191 | Median: $5,199
Year trend: -10.5% (Jan-Jun vs Jul-Dec) — prices softened as inventory increased

Q3 43mm:

88 sales
Price range: $4,750-$6,852
Average: $5,934 | Median: $5,999
43mm focal length commands $700+ premium over standard Q3

Q2:

402 sales (highest volume camera overall)
Price range: $2,000-$4,740
Average: $3,329 | Median: $3,300
Q2 Monochrom: $4,068 avg (97 sales) — $700 premium for B&W sensor

Original Q:

209 sales
Price range: $1,300-$3,700
Average: $2,252 | Median: $2,199
+4.3% (first half → second half) — budget entry point holding steady

Digital M Series

The digital M lineup saw 877 sales, representing $5.06M in transaction volume. The M11 family established itself as the premium tier while older digital bodies showed meaningful depreciation.

M11 Family:

M11 (standard): 125 sales | $4,767-$7,920 range | $6,318 avg
M11-P: 77 sales | $6,350-$9,411 range | $7,418 avg
M11 Monochrom: 22 sales | $5,650-$9,484 range | $7,574 avg
Trend note: M11 dropped -11.3% from the first to the second half of the year as the M EV1 launch approached

M10 Family:

M10: 126 sales | $2,851-$5,400 range | $4,093 avg
M10-P: 53 sales | $3,600-$6,000 range | $4,794 avg (-12.4% year trend)
M10-R: 74 sales | $3,700-$7,500 range | $5,459 avg (-11% year trend)
M10 Monochrom: 54 sales | $4,600-$6,800 range | $5,426 avg (+16.2% year trend)

Legacy Digital:

M9: 83 sales | $699-$4,900 range | $2,787 avg
M8: 60 sales | $1,200-$3,000 range | $2,057 avg
M (Typ 240): 85 sales | $1,550-$3,650 range | $2,563 avg
M Monochrom (Typ 246): 55 sales | $2,150-$4,500 range | $3,373 avg (+15.5% year trend)

Film M Series

Film bodies saw 1,010 transactions—nearly 29% of all sales—confirming the sustained analog renaissance. The M6 remained the flagship film body, though some classic models showed surprising appreciation.

M6 (Non-TTL & TTL):

M6 Non-TTL: 247 sales | $1,790-$4,000 range | $2,757 avg
M6 TTL: 85 sales | $2,200-$4,516 range | $3,271 avg
TTL premium: ~$500 over non-TTL equivalent
0.85 viewfinder magnification: Commands ~$600 premium over 0.72

Classic Film Bodies

M3: 249 sales | $530-$2,559 range | $1,455 avg (+9.5% year trend)
M2: 124 sales | $650-$5,500 range | $1,583 avg (+4.4% year trend)
M4: 100 sales | $910-$3,100 range | $1,879 avg (+14.3% year trend)
M4-P: 55 sales | $1,295-$3,000 range | $2,095 avg (+10.7% year trend)
M5: 73 sales | $969-$2,500 range | $1,531 avg (+26.1% year trend) — biggest gainer
M7: 53 sales | $2,200-$5,050 range | $3,640 avg

SL System

The SL series remained a smaller segment with 156 total sales. The SL3 lineup showed steady demand while earlier generations continued to depreciate.

SL Family

SL3: 23 sales | $4,250-$7,885 range | $5,313 avg
SL3-S: 15 sales | $4,299-$4,900 range | $4,503 avg
SL2/SL2-S: 104 sales | $400-$4,199 range | $2,195 avg (-11.7% year trend)
Original SL: 14 sales | $800-$2,150 range | $1,321 avg (-15% year trend)

Hidden Market Trends

1. The Monochrom Surge

Both the M10 Monochrom (+16.2%) and M246 Monochrom (+15.5%) appreciated significantly from the first half to the second half of the year, bucking the broader digital depreciation trend. As M11M prices remain elevated, shooters seeking the "Leica monochrome look" increasingly turned to previous-generation bodies, driving prices up.

2. Classic Film Revival Accelerates

The M5—long considered Leica's "ugly duckling"—posted the biggest gains at +26.1%. The M4 series (+14.3%) and M3 (+9.5%) also appreciated, suggesting collectors are moving beyond the M6 to acquire earlier mechanical bodies at more attractive entry points.

3. Special Editions Hold Strong Premiums

Safari editions averaged $6,531 (vs $3,529 overall). Reporter editions averaged $4,256. Black Paint variants commanded $4,673. Limited editions consistently outperformed standard models, with premiums ranging from 20-85% over equivalent standard bodies.

Quick Shots

A look at the major Leica developments as we close out 2025

M EV1: The Rangefinderless M Arrives Leica's most polarizing launch of 2025, the M EV1 replaces the traditional rangefinder with a 5.76MP electronic viewfinder while retaining the 60MP M11 sensor. Priced at $8,995, it offers focus peaking and precise EVF preview—appealing to those who struggled with rangefinder calibration. Now in stock globally.

Major Firmware Updates: SL3 & Q3 Families Firmware 4.0.0 brings AI-enhanced autofocus, a new 240MP multi-shot mode for SL3, redesigned UI, and improved subject tracking. The Q3 family gains the same AF improvements plus a refreshed interface mirroring the SL3 experience.

Leica × Capture One Partnership Leica announced a strategic partnership with Capture One, delivering optimized tethered shooting and Leica-specific color profiles. Leica owners receive 3 months free access to Capture One All-in-One via Club Leica registration.

Year-End Takeaways

For Buyers

Best value digital: M10 series at $4,000-5,500—prices softened 10-12% in the second half
Best value film: M3 at $1,455 avg—classic mechanical excellence
Watch: M5 prices climbing fast; M6 may follow as supply tightens

For Sellers