{"overview":"The Leitz 15mm f\/8 Hologon-M is an ultra-wide-angle lens for the Leica M bayonet rangefinder system, engineered to cover extreme angles of view at a fixed f\/8 aperture. It is one of the rarest and most specialised optics offered for the M mount, typically used for architectural and interior work where its near-rectilinear rendering and very deep depth of field are prized.","market_narrative":"At recent UK auction, hammer prices for the Hologon-M have ranged from £4,600 (1998) up to £15,000 (June 2021), with a more typical 2021 result of £8,000 — giving a median around £7,250 from the four recorded sales. These are saleroom wholesale levels rather than dealer retail, so clean, complete examples with the original centre filter and finder tend to sell for noticeably more than stripped bodies. As of 2026 the lens remains thinly traded, meaning a single strong bidder can move the price well above the long-run average, as the 2021 high demonstrates.","buying_guide":"Inspect the front and rear elements carefully for fungus, haze and cleaning marks, since the Hologon's exposed front group shows scratches easily and any coating damage is effectively uncorrectable. Check that the aperture blades are dry and free of oil, confirm the focus\/scale ring moves smoothly without grinding, and look for signs of element separation (edge discolouration or rainbow fringing between groups). Because value depends heavily on completeness, verify that the matched centre-graduated filter, original caps and finder are present and serial-matched where applicable.","specs":"Key specifications from the supplied data: 15mm focal length, fixed f\/8 maximum aperture, Leica M bayonet mount.","faq":[{"q":"What is a Leitz 15mm f\/8 Hologon-M worth today?","a":"UK auction hammer results since 2021 put the value between roughly £8,000 and £15,000, with earlier sales from 1998 and 2005 at £4,600 and £6,500 respectively."},{"q":"How much does a 15mm Hologon-M sell for at auction?","a":"Recent hammer prices are £8,000 and £15,000 (both 2021), so a clean, complete example typically sells for a price in the five-figure range at UK salerooms."},{"q":"Why does the price of the Hologon-M vary so widely?","a":"Condition, completeness of the centre filter and finder, and thin supply all drive the spread — the £4,600 to £15,000 range reflects both different eras of sale and whether accessories were included."},{"q":"Is the Hologon-M a good investment?","a":"Hammer values have broadly trended upward from £4,600 in 1998 to £15,000 in 2021, but with only a handful of recorded sales the market is illiquid and individual results can swing sharply."}],"confidence":45,"reasoning":"Only four unverified sales records, empty specs and facts arrays, and wide price dispersion limit certainty on both specifications and typical market value."}