The Gamma III 'Aeronautica Militare' is a 35mm rangefinder camera produced for the Italian Air Force, derived from the standard Gamma III civilian model. As a service-issue variant, it was supplied in limited numbers and is now encountered primarily as a collector's item rather than a user camera.

Public UK saleroom data for this variant is extremely thin: a single Christie's hammer result of £1,116 from 2001 is the only recorded auction sale, so today's value is inferred from one historical data point rather than an active market. With no recent comparables, what a Gamma III 'Aeronautica Militare' sells for at auction in 2026 will hinge heavily on completeness, military markings and provenance documentation.