Leitz M Prototype
The Leitz M Prototype refers to pre-production and experimental examples of the M-series 35mm rangefinder camera built by Leitz of Wetzlar. As development or engineering pieces rather than catalogued production cameras, individual prototypes differ in configuration, finish, and markings, and they sit firmly in the collector rather than user segment of the Leica market.
At UK auction, hammer results for examples recorded as "M Prototype" span a very wide range — from around £18,000 to £360,000 — with a median near £26,000 based on the limited sales history available. That spread reflects how much the specific prototype, its documentation, and its place in M-series development history matter: a well-documented, historically significant piece sells for many multiples of a more routine pre-series body, and today the ceiling of what one is worth is set almost entirely by provenance. Because these are hammer (wholesale) prices in the saleroom, retail and dealer asking figures for comparable pieces typically sit higher.
Sales History
Prices shown are UK auction hammer results — the wholesale level achieved in the saleroom. Neither buyer’s nor seller’s commission is included. Dealer and retail asking prices are typically higher.
Prices updated: June 2025
| Date | Price | Source | |
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| Jun 2025 | EUR 360,000 | Leitz Auction | |
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Auction: Leitz Auction 46 (Lot A01692) Title: Leica M prototype
Description:
A unique prototype M camera featuring one large window that incorporates both the viewfinder and viewfinder illuminator. The body combines features of the M2 and M4 and may be an early experimental model designed to test the angled rewind knob. The top plate is highly customised and unlike any other production Leica. The camera comes with a prototype Summaron 2.8/35mm lens, no. 0000241, and is in beautiful, near-mint, working condition. This exact camera is featured in L. Netopil's 'Prototype Leica' on pages 429-433. It is one of the most distinctive prototypes we have seen! Estimate: EUR 200,000 - EUR 240,000 |
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| Nov 2024 | EUR 18,000 | Leitz Auction | |
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Auction: Leitz Auction 45 (Lot A01343) Title: Leica M prototype model
Description:
An original early design study model of the Leica M3, just like the earliest prototype cameras (see previous lot), this plastic model is around 2mm shorter than the production M3, it still shows the iconic shape of the camera body and is equipped with an external film counter and a lens resembling the Summicron 2/5cm in the collapsed position, it is an interesting piece showing an important step in the development of the M3. Estimate: EUR 24,000 - EUR 28,000 |
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| Nov 2024 | EUR 1,700,000 | Leitz Auction | |
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Auction: Leitz Auction 45 (Lot A01340) Title: Leica M prototype
Description:
The Leica M3 was introduced in 1954 after many years of development and testing, becoming the most commercially successful of all M-series cameras. It was the first model to feature the now-iconic M-mount and introduced a combined rangefinder-viewfinder eyepiece with parallax correction and automatic frame lines for three focal lengths. The earliest complete prototypes of the Leica M3 were built as early as 1948-49.The camera being offered here is one of these earliest known prototypes. It is unnumbered and lacks engravings, with all parts—including the back door, camera chassis, and base plate—being hand-machined and unique to this particular camera. The body is 2mm shorter than the final Leica M3 and is covered in sharkskin-type vulcanite. This camera displays numerous distinctive features not seen in any production Leica, such as special strap lugs, an external film counter, a uniquely shaped winding lever, and a 'flat' style for the frames surrounding the viewfinder and rangefinder windows. It remains in beautiful condition and is fully functional.Included with this camera is a unique, unnumbered M-mount Elmar 3.5/3.5cm lens. This prototype lens features a special construction with a small slot on the lens base, likely intended for a detachable wide-angle viewfinder attachment. Additionally, the camera comes with a prototype light meter, similar in shape to the Leica-Meter but of an entirely different construction.This camera was featured in Lager I Cameras on page 176. It stands as one of the most significant cameras in Leica's history. This remarkable prototype represents a pivotal moment in Leica’s journey, marking the transition to the legendary M-series that redefined rangefinder photography. Its unique features and craftsmanship make it an extraordinary piece of photographic history. As one of the earliest prototypes, this camera is a rare and invaluable artifact, embodying the innovation and precision that have cemented Leica’s reputation in the world of photography. Estimate: EUR 600,000 - EUR 700,000 |
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| Jun 2022 | EUR 15,000 | Leitz Auction | |
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Auction: Leitz Auction 40 (Lot AI_40_40103) Title: Experimental Leica M with metal slide shutter
Description:
Discovered only a few years ago, this special Leica M body is an original prototype including a never-released shutter type with vertically-travelling metal blinds. This unique mechanism is built-in in a heavily modified Leica M body. A view inside reveals that the entire mechanism was actually designed for c.12mm narrower housing (possibly a compact version of Leica M4). Included in the lot are 10 original large-format drawings showing the technical details of the shutter assembly. Exactly this camera was shown in G. Mann 'Leicaflex, die Entwicklung einer Legende' on page 362. This special camera represents an interesting step in the history of Leica and a unique insight into the development of M cameras. Estimate: EUR 30,000 - EUR 40,000 |
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| May 2007 | EUR 26,000 | Leitz Auction | |
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Auction: Leitz Auction 11 (Lot AI_11_16482) Title: M Prototype
Description:
Prototype M-camera with experimental finder by Robert Eckhardt. Complicated optical/mechanical design allowed not only parallax correction, but also correction of difference of focal length determined by focus. An enlarged space was needed to fit this finder into the M top plate, therefore the regular straight M2/M3-type rewind knob could not be kept. The camera already has a cranked rewind, similar to the later M4. Technically, the camera is an M2, but with automatic counter. Original Leitz documents of Patent applies from fall 1958 included, signed by Ernst and Ludwig Leitz, top plate without engravings and serial number, the unique camera in fine and working condition. Estimate: EUR 15,000 - EUR 18,000 |
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Frequently asked questions
What is a Leitz M Prototype worth today?
In recent UK auctions, prices have ranged from roughly £18,000 to £360,000, so the value of any given example depends heavily on which prototype it is and how well its history is documented.
How much does a Leitz M Prototype sell for at auction?
Hammer prices in the sales history cluster around £26,000 for more routine pre-series bodies, while historically significant prototypes have sold for as much as £360,000.
Why is the price range so wide?
Prototypes are one-off or small-batch development pieces, so provenance, documentation, and historical importance drive the price far more than cosmetic condition alone.
Is a Leitz M Prototype a usable camera?
These are collector pieces rather than shooters; even where mechanically functional, their value and fragility mean they are rarely used for photography.