Market Digest: June 2026
Market trends and Leica sales from the past month
Market trends and Leica sales over the past month
This month, we analyzed 227 transactions across the secondary market. Film M bodies made up 55% of everything that changed hands, the highest share we've recorded, and the M3 alone moved 40 copies in 26 days.
CCD digital bodies were the other story. The M9 climbed 27% over its historical average, and the M (Typ 246) Monochrom jumped close to 26%. The Q family, after sliding through the winter, turned the corner: every variant we track came back up from earlier in the year.
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Q Series
The Q family put up 45 sales and, for the first time since late 2025, the trend arrows point up rather than down. The softening we tracked through the winter has stopped. Anyone who timed a Q purchase for spring caught close to the bottom.
- 11 sales
- Price range: $4,940–$5,600
- Average: $5,325
- Trend: +3.5% vs. historical
The flagship has settled into a tighter band than it traded in a year ago. The wild $5,800 highs and sub-$4,500 lows have mostly disappeared; most copies now clear between $5,100 and $5,500. It's steady, predictable, and back above $5,000 on average.
- 8 sales
- Price range: $5,000–$6,998
- Average: $6,084
- Trend: +3.5% vs. historical
The 43mm variant has fully recovered from its winter dip and now sits about $750 above the standard Q3. The APO-Summicron 43mm premium that nearly vanished in February is back, and mint examples with warranty are the ones pushing toward $7,000.
- 12 sales
- Price range: $3,150–$4,287
- Average: $3,660
- Trend: +10.5% vs. historical
The Q2 was one of the stronger movers in the entire lineup, up more than 10% and climbing every month since February ($3,105 then, $3,660 now). At this price it still delivers most of the Q3 experience for roughly two-thirds of the cost, but the value gap is narrowing as Q2 prices firm.
- 2 sales
- Price range: $3,100–$4,410
Thin volume this month, so read the average with caution. The two sales straddled a wide band, with the $4,410 copy carrying the kind of premium dedicated black-and-white shooters still pay.
- 10 sales
- Price range: $1,900–$2,480
- Average: $2,179
- Trend: -1.6% vs. historical
The entry point into the fixed-lens world held flat. Full sets out of Japan with the 28mm Summilux and original box clustered around $2,150, and that's been the going rate for months. The most reliable sub-$2,500 buy in the Q family.
Digital M Series
Digital M split into two clear camps this month: the CCD-sensor classics are running hot while the current CMOS generation holds roughly flat. The story buyers should pay attention to is the older glass-plate-feel files, not the newest bodies.
- M11: 4 sales | $6,000–$6,795 | $6,424 avg (+2.2%)
- M11-P: 3 sales | $6,975–$8,200 | $7,756 avg (+5.1%)
The standard M11 and M11-P both edged up modestly. The M11-P premium over the base body holds at roughly $1,300.
- M10: 2 sales | $4,200–$4,800 | $4,500 avg (+9.3%)
- M10-P: 1 sale | $3,500
- M10-R: 3 standard sales | $3,600–$5,600 | $4,600 avg
- M10 Monochrom: 1 sale | $5,365
The M10-R needs a caveat: two Black Paint collector bodies sold for $9,000 and $10,100 this month and would badly distort the average, so we set them aside. The standard silver and black M10-R bodies averaged $4,600, which is actually below the historical norm near $5,300. If you want an M10-R and don't need the Black Paint badge, this is a soft patch worth using.
- M (Typ 240): 8 sales | $2,550–$3,275 | $2,938 avg (+9.1%)
- M (Typ 246): 2 sales | $4,199–$4,459 | $4,329 avg (+25.9%)
- M9: 5 sales | $3,500–$3,850 | $3,685 avg (+27.3%)
- M8: 3 sales | $2,350–$2,399 | $2,368 avg (+12.1%)
The M9 is the month's clearest mover, up 27% and trading in a remarkably tight $3,500–$3,850 band. A year ago you could find them under $3,000; that window has closed. The Typ 246 Monochrom matched the move at nearly 26%, with both sales clearing $4,000. The Typ 240 keeps grinding higher on the strength of its CCD-era rendering and video capability.
Film M Series
Film owned the month: 125 sales, 55% of all activity, and the deepest, most liquid segment in the database. The renaissance everyone keeps predicting an end to keeps not ending.
- 31 sales
- Price range: $2,400–$3,800
- Average: $3,100
- Trend: +8.8% vs. historical
The M6 remains the benchmark of the used Leica market and posted strong volume right behind the M3. Clean 0.72 black and silver bodies sit in the $2,800–$3,200 range; titanium and special finishes push toward $3,800.
- 6 sales
- Price range: $2,999–$4,550
- Average: $3,561
- Trend: roughly +6% on comparable bodies
Two collector pieces skewed the raw numbers this month: a Millennium Black Paint at $9,000 and another premium copy at $7,000. Stripping those, standard TTL bodies averaged about $3,561, holding the familiar ~$400–$500 premium over non-TTL. Higher 0.85 magnification finders continue to command extra.
Classic Film Bodies
- M3: 39 sales | $996–$2,715 | $1,572 avg (+1.3%)
- M2: 7 sales | $1,370–$2,935 | $1,873 avg (+13.5%)
- M4: 10 sales | $1,530–$2,595 | $2,010 avg (+4.5%)
- M4-P: 7 sales | $1,875–$3,400 | $2,451 avg (+13.3%)
- M4-2: 6 sales | $1,978–$2,500 | $2,187 avg (+17.9%)
- M5: 4 sales | $1,430–$2,100 | $1,732 avg (+16.7%)
- M7: 2 sales | $3,750–$5,500 | $4,625 avg
- MP: 2 sales | $4,996–$5,000 | $4,998 avg (+19.7%)
The M3 again topped the entire dataset for volume. At a $1,572 average it's the cheapest way into a classic M, but the spread tells the real story: clean single-stroke bodies trade near $1,200–$1,500, while Double Stroke first-batch examples, CLA'd bodies, and repainted black copies run $2,300–$2,715. Provenance and service history are doing real work at the top of the range.
Among the rest, the M2, M4-P, M4-2, and M5 all posted double-digit gains. The M5 in particular keeps shedding its "unloved middle child" reputation, up nearly 17%. The MP kept climbing toward $5,000, doing what it always does as a current-production body that's also a long-term keeper.
SL System
The L-mount system was quiet at 6 sales, but the older bodies are appreciating while the newest ones hold flat.
- SL3-S: 1 sale | $4,200 (-3.6%)
- SL2: 1 sale | $2,350 (+8.6%)
- SL2-S: 3 sales | $1,850–$2,336 | $2,095 avg (flat)
- Original SL (Typ 601): 1 sale | $1,795 (+26.7%)
The original SL is the standout again, the lone sale clearing $1,795, up nearly 27% over its historical average. These tank-built first-generation bodies get you into the full L-mount ecosystem for under $1,800, and the market keeps inching the floor higher. The SL2-S remains the value pick in the current lineup, holding steady around $2,100.
Hidden Market Trends
1. CCD bodies are outrunning the new stuff
The three best digital-M gainers this month all use CCD sensors: the M9 (+27%), the Typ 246 Monochrom (+26%), and the M8 (+12%). The current CMOS generation, the M11 and M10-R, sat flat or dipped. That isn't nostalgia pricing. CCD files have a color and tonal character that no amount of software emulation has convincingly copied, and as more shooters figure that out, the bodies that produce those files keep getting bid up. M9 buyers in particular have stopped haggling under $3,000.
2. The film share hit a new high, led by the M3
Film made up 55% of all sales this month, up from the mid-40s through the spring. The M3 drove most of it with 40 transactions in 26 days, more than the entire Q series combined. At under $1,600 average it's the most accessible classic M there is, and volume at that price point shows the analog market isn't a niche anymore. It's the center of gravity.
3. Black Paint and provenance premiums are widening
Across several models, the gap between a standard body and a special-finish or well-documented one grew this month. Standard M10-R bodies averaged $4,600 while two Black Paint copies pulled $9,000–$10,100. M3 repaints and Double Stroke first batches ran 50%+ over plain chrome. The M6 TTL Millennium hit $9,000. If you're buying to shoot, the standard versions are the better deal; if you're buying the badge, expect to pay for it.
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