The Leitz 75-200mm f/4.5 Vario-Elmar-R is a mid-telephoto zoom lens in Leica's R bayonet mount, intended for Leica R-series SLR bodies such as the R3 through R7. Covering the short-to-medium telephoto range at a constant f/4.5 aperture, it was positioned as a general-purpose zoom for portraiture, travel and event work rather than a fast sports optic.

At recent UK auction, hammer prices for the 75-200mm f/4.5 Vario-Elmar-R have sat in a fairly narrow band: clean copies sold for £75, £80 and £88 across 2024, with a noticeably lower £38 result in 2023 reflecting a rougher example. That gives a median worth of around £77–£80 at saleroom level in 2026, with the upper end of what the lens sells for today capped near £90 unless a particularly clean, boxed example surfaces. These are wholesale hammer figures — retail value from a dealer will typically sit above this price.