Market Digest: November 14, 2025
Market trends and Leica sales from the past two weeks
Market trends and Leica sales from the past two weeks
Over the past two weeks, we analyzed 140 Leica camera sales across popular reseller platforms. Visit Summimarket for a visual representation of our growing database.
Let's dive into what's happening and what it means for your next purchase (or sale).
Q Series
The Q series continues to dominate market activity with strong sales volumes across all three models.
- Price range: $4,500-$5,700 across 14 sales
- Average: $5,126
- Market change: Stable (+0.3%)
- Market Insight: Prices have stabilized after initial release volatility. Excellent condition units with original packaging command top dollar.
- Price range: $5,000-$6,695 across 5 sales
- Average: $5,877
- Market Insight: The 43mm variant maintains a premium over the standard 28mm, averaging $750 more. Limited availability continues to support pricing, with the tighter range indicating stable demand across conditions.
- Price range: $2,277-$4,200 across 13 sales
- Average: $3,297
- Market change: Down -4.9%
- Price range: $3,650-$4,800 across 3 sales
- Average: $4,250
- Price range: $2,000-$2,835 across 8 sales
- Average: $2,459
- Market change: Up +15%
- Market Insight: The original Q is experiencing renewed appreciation.
Digital M Series
The digital M market shows divergent trends, with flagship models experiencing pricing pressure while mid-tier options remain stable.
- Price range: $6,000-$6,650 across 5 sales
- Average: $6,198
- Market change: Down -8.8%
- Market Insight: The M11 is showing unusual softness, potentially due to market anticipation of new models. Possible buying opportunity for those seeking flagship performance.
- Price range: $4,100-$4,375 across 2 sales
- Average: $4,238
- Market change: Down -7.6%
- Market Insight: Standard M10 models are experiencing downward pricing pressure. The Monochrom variant holds value better due to specialized appeal and limited production.
- Price Range: $2,200-$3,650 across 6 sales
- Average Price: $2,667
- Market change: Down -8.2%
- Market Insight: The M240 is experiencing moderate softness after finding its pricing floor earlier this year. The range now extends lower with budget examples starting at $2,200, while Safari and limited editions command premiums approaching $3,650.
Film M Series
Film rangefinders continue to perform strongly, with certain models showing notable appreciation while others experience corrections.
- Price range: $2,210-$3,300 across 10 sales
- Average: $2,609
- Market change: Down -9.7%
- Market Insight: Strong transaction volume (10 sales) with significant downward pressure. The M6 market shows high variance based on condition.
- Price range: $2,750-$4,000 across 6 sales
- Average: $3,429
- Market Insight: TTL versions maintain a $500+ premium over standard M6 but show greater price volatility.
- Price range: $1,400-$2,077 across 2 sales
- Average: $1,739
- Market change: Limited data
- Market Insight: The controversial M5 design remains the most affordable classic film M. Its unique meter positioning and larger body divide collectors but offer shooting value.
- Price range: $1,317-$2,083 across 4 sales
- Average: $1,812
- Market change: Down -9.8%
- Price Range: $1,615-$3,590 across 4 sales
- Average Price: $2,550
- Market change: High volatility
- Market Insight: The M4-P shows extreme price variance depending on condition and accessories. Premium examples with complete documentation command significantly higher prices.
- Price range: $1,009-$2,000 across 13 sales (highest volume film camera)
- Average: $1,409
- Market change: Down -14.8%
- Market Insight: The M3 is experiencing a correction after significant appreciation in 2024. Represents current buying opportunity for collectors seeking the classic rangefinder experience.
- Price range: $1,591-$2,400 across 6 sales
- Average: $1,878
- Market change: Down -6.0%
- Market Insight: M2 pricing remains stable with moderate variance. Early serial numbers and pristine cosmetics command premiums.
- Price range: $3,851-$4,999 across 10 sales
- Average: $4,399
- Market change: Up +2.7%
- Market Insight: The MP remains the premier film M choice, with prices steadily climbing. Silver chrome versions command slight premiums over black paint.
SL System
- Price Range: $4,850-$5,500 across 3 sales
- Average Price: $5,100
- Market change: Down -2.9%
- Market Insight: Recent announcement of the SL3 Reporter hasn't impacted standard SL3 pricing. Market remains healthy for this professional workhorse.
Hidden Market Trends
1. Film Camera Market Split
The film M market is dividing into two clear groups. Premium models (MP up +2.7%) maintain strength as serious photographers invest in "forever cameras," while entry and mid-tier models face significant corrections: M3 down -14.8%, M6 down -9.7%, M4 down -9.8%, M2 down -6.0%.
The M3 now sells at a $1,409 average—its lowest price in two years—while the MP commands $4,399.
2. The Q1 Comeback
The original Q surged +15% to a $2,459 average, making it this period's biggest gainer—yet the $1,600 price spread ($1,395-$2,980) reveals a deeply divided market.
Three contributing factors:
- Q3 price increases pushed budget buyers toward the original Q
- Growing recognition of the 24MP original Q's exceptional image quality
- Diminishing supply of clean used units as the platform ages
3. Holiday Demand is Building
Average prices rose +12.7% in week two ($3,740) versus week one ($3,318) of this month, while transaction volume remained stable (68 vs 72 sales). This suggests increasing demand as the holiday season approaches.
Historical pattern: Leica prices typically climb through early December before dropping late December/early January as holiday buyers exit and sellers realize year-end liquidity.
Implication: Buyers should consider acting soon. Sellers may benefit from waiting 2-3 weeks to capture peak seasonal demand, though must balance against potential January softness.
Quick Shots
❇️ The SL3 Reporter launched November 6th as a rugged variant featuring scratch-resistant dark green finish, aramid fiber covering for extreme durability, and no red dot for discreet professional use—all while maintaining the standard SL3's 60MP sensor and performance at $7,795.
🎓 Leica and ICP announced the second annual Leica Scholarship for 2026-27, providing full tuition for ICP's One-Year Certificate Programs, a camera system loan for the academic year, public exhibition opportunity, and $1,000 materials stipend to support underrepresented voices in photography.
🕵️ A unique Cold War-era "spy Leica" modified from a Leica If with a dummy front lens and real 90mm Elmar shooting from the top (believed produced for West German intelligence) surfaces at Leitz Photographica Auction on November 22nd with bids already at $58,000 toward an expected $116,000+ final price.
Have a Leica collecting dust? For a limited time, Summimarket is offering free listings with the ability to set a reserve. Drop us a line or learn more on our website.
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