B&H currently has a black and silver Leica 50mm f/1.4 Summilux-M ASPH lens in stock.

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2. Leica 50mm f/1.4 Summilux Asph lens (silver) now in stock
3. Used Leica Summilux-M 50mm f/1.4 (pre-ASPH) for $2,499.00

This is an interesting guest post on Leica's products pricing by J Shin:

Every time there is any kind of a product-related announcement here and elsewhere, there are a number of invariable comments complaining about and/or defending Leica's price strategy. In making these comments, people make references to various economic and noneconomic reasons why Leicas are priced the way they are. This essay is an attempt to show that, basically, almost everybody is right, at least when it comes to Leica's profit motives. Rather than nefarious greed, devious psychological warfare, and, as some often mention, Dr. Kaufmann's ignorance of Leica fandom, Leica prices are basically a function of mathematical inevitability.

First, a disclaimer. I am not an economist or an accountant. I have worked in marketing, and I do have a PhD in political science, but, really, I know more about macroeconomics, the economics of whole nations, than microeconomics, the economics of individual corporations. Still, I think I have some handle on the concepts involved, and much of it is intuitive, at least to me, so here we are. Please feel free to post any objections you have, since I'm basically making it up as I go. Also, I am leaving a lot of little details out, and keeping things simple; if there is demand for it (har-har), I will supply further elaborations.

The Basics

Here is a diagram explaining the basics of how to set prices of a product.

Figure 1. Cost, revenue, and profit

Again, this is a simplified graph that does not truck with the finer points of "marginal cost" and "marginal revenue", which is difficult to understand for most people. It is also an illustration, rather than empirically accurate. If you want to be more accurate, be my guest; you can probably do a better job than I can.

First, the green line, the cost curve. This is the familiar "economy of scale" curve. To produce any product, there needs to be an initial investment, which I will call "capital". This acts more-or-less like a "one time expense", and it is fixed through the life cycle of the product. So, at quantity=0, your cost per unit is basically infinite, and at quantity=1, the cost of producing that one M9 is basically the price of the whole factory. Then, the more M9s you produce, the less "capital" you need to recoup in each unit of M9 you need to sell, forming a curve shaped like y = c/x, asymptotically approaching a limit as quantity (x axis) increases.

The lower limit is the on-going cost. This includes the cost of labor, parts, maintenance of equipment, sales, marketing, and managerial overhead involved in each M9. Although these, too, decrease with volume, there is sort of a limit to how low it can go. (There is also a limit on quantity, known as "production capacity", which I will discuss later.) This is why as quantity goes to infinity, cost does not reach 0, but hits a sort of a price "floor", the minimum possible cost of producing and selling an M9, even after you've recouped your initial capital investment.

Second, the red line, the revenue curve. This is a function of how many M9s one could sell at a given price and is a measure of consumer sentiment toward the product. One thing to note here. With revenue, the price per unit determines the quantity sold, whereas, with cost, the quantity produced determines the cost per unit. This makes these graphs a bit confusing, since the x-axis is the causal variable for cost, whereas the y-axis is the causal variable for revenue.

Anyway, the revenue curve starts at a point where the price is so high that literally no one would buy it, and goes to the point where, even if you give away M9s for free, there is a natural limit to how many people would take it. Wait, you may be saying, why would anyone not want an M9? Actually, I might not take an M9 even if it is free; I don't like (gasp!) rangefinders. My eyes can't handle them. Also, M lenses are too expensive for me, and I have a stable of telephoto R lenses, too long for a rangefinder. An M9 won't do me any good, since R lenses are not rangefinder-coupled anyway. I can't even sell it and buy a Nikon D800E and some Leitax adapters, because, being free, no one would pay for my M9. So, no go. My partner would not take the M9, either; she rarely takes photographs, and she would laugh at the price of the lenses, even the Voigtländers. I'm the girl with the camera in this family, and I don't want it, although I see the point, and she doesn't even see the point. You get the point.

So, you can see that, in most cases, the revenue line and the cost lines intersect at two points. (The exceptions would be if the revenue line falls below the cost line; then you're screwed, and can't make any profit off your M9, at any price.) In between these two points, we have a viable business that is profitable. Somewhere in the middle is kind of a "sweet spot", where the revenue line is far above the cost line. This is the "profit maximization" point where every company strives to be.

Actually, it is a bit more complicated:

Figure 2. Maximum profit per unit vs. maximum profit overall.

The point you want to hit to maximize profit is likely at a lower price than the price at which you would have maximum profit per unit. You sacrifice the per-unit profit a little, but then make up for it with increased quantity, because (total profit) = (profit per unit) x (quantity sold). If you lower the price too far, however, you may have more revenue, but end up with lower overall profit. (I know I did a lousy job with the graphs, but the general idea behind these graphs is still valid.)

So, a company has a few choices. If you set the price above the "no one will buy" point, no one will buy your product, so one would not do that. If the price/quantity is set at "X", you can't sell very many, and lose a lot of money. If the price/quantity is set at "A", we have a luxury item that is limited in production strategically or out of necessity. It may be that it's hard to find a lot of people who are skilled enough to make M9s, or quality control becomes difficult at higher volume. Or perhaps the special sapphire something-or-other cannot be produced in mass quantities. Or, you just want to run a small shop, do a little work with a small staff, and make just enough to keep you happy; you will be profitable, but not very profitable. (I will address the luxury marketing strategy later.)

If the price/quantity is set to "B", you are making as much money off your operation as you possibly can. But, is that really where you want to be? Sometimes, market share is more important than profit; having a large market share of full-frame cameras, for instance, allows you to sell more full-frame lenses. You may also need more revenue, even at lower profit, to have more cash on hand to do other short-term things. You would then set your price/quantity to something like "C". Or, you can sell M9s at a loss by setting your price/quantity at "D". A lot of people will buy M9s, and then plunk down more money for the lenses and viewfinders and motors and those fantastic-looking cases that advertise to every purse-snatcher that the camera you are holding with a piece of electrical tape over the red logo is, indeed, a Leica. Give away the camera, sell other stuff. This is the strategy followed by most inkjet printer manufacturers and cell phone services.

Prestige Pricing

So, then, what happens if the prestige of a product goes up? Let us assume, for the rest of this exercise, that Dr. Kaufmann is basically interested in maximizing the profit on the M9. I want that, in fact, because more profit from M9 means more capital for the full-frame mirrorless with EVF and contrast detect that I keep asking for. Or maybe the R10 or a new DMR. Right.

Anyway,

Figure 3. Prestige and profit

The M9 and the M9-P are basically the same thing, and the actual cost of producing them, at the same quantity, are probably close to identical. Edmund Optics sells optical-grade 2.5-inch all-band sapphire windows for $354 each; my guess is that the M9 window costs about $100 at quantity, which will be mostly canceled out by the savings from the absence of the red dot, right? Regardless, I am going to assume, for convenience, that they cost exactly the same at the same quantity. Then, I'm throwing in here an imaginary Panasonic-branded M9, made in the same factory and everything, so same cost at the same quantity.

Whether we like it or not, the Leica brand does mean something. There is a reputation for quality and value, established over more than a century, that is undeniably well-deserved, despite the many mistakes they have made. Panasonic, by contrast, says "cheap mass market", no matter the actual quality of the product. That means that people are going to buy more Leicas than Panasonics at the same price. Wouldn't you by the D-Lux 5 rather than the DMC-LX5 if they were the same price? Or, even, the Leica PA-Curtagon 4/35 rather than the Schneider PA-Curtagon 4/35? Crazy, but true.

Same with the M9-P. There is something magical about that logolessness and the sapphire window, although they add little to the image-capturing ability of the cameras that a piece of electrical tape over the logo cannot achieve. Yes, image-capturing is what we buy these for, right? Right? Oh. That's why I don't want an M9... because I can't capture anything with it that is in focus. Oh, well.

Now, note that the "price at which no one will buy" is also higher for the more "prestigious" models, but, as the price drops, the difference between the models kinda' disappear. In the end, someone who does not want an M9 would not want it no matter what its name is. Rose is a rose by any other name, and I'm just as allergic to the smell.

And, now, finally, look what happens to the "sweet spot"! M9-P's price needs to be set higher, and the quantity lower, because of its "prestige" curve, even though more people would buy it at the same price. Panasonic, by contrast, must sell at a lower price, but that will get them higher quantity.

No nefarious desire to control people's mind is required here. Nothing about the constraints of the economy of scale. M9-P is more expensive because more people would want it at the same price, not because fewer people would dare buy it. Ironically, in cases of prestige, higher demand leads to lower quantity.

What one really needs, then, is great marketing research, to see where people's minds are at, and great marketing, so people will perceive your product as more desirable, more prestigious, thus moving the revenue curve. This is the hard part. Sigma's SD-1 is, no doubt, a fantastic product, with stellar image quality for an APS-C sensor. However, Sigma also has a reputation for "cheap", and the SD-1 apparently also has clunky software that helps mar its reputation, without 100 years of history, like Leica's, to earn any forbearance. In other words, Sigma was hoping that the image quality of the SD-1 would speak for itself, and make it a "prestige" product. Unfortunately, as they quickly realized, it was treated as a mass-market product, just as a Panasonic-branded M9 would be. Same thing basically happened with the Zeiss Ikon, which was every bit as good as the M6, but the fact that it was made by Cosina, not Zeiss, meant that its price had to be significantly lower. Even Zeiss has a slightly lower "reputation price" than Leica, although arguably they are just as capable as Leica in many ways.

The M9-M as a Prestige Product

Oh, then, what about the M9-M, the monochrome version of the M9? One can assume that some people would really want it. These are the people who really need it because of the kind of work they do, or people who want it because it seems really cool and, besides, it looks great when Seal is holding it.

Still, people who are at the "mass" end of the curve, those who would buy a Leica only if it is dirt cheap, would be a lot less likely to want it. To them, the black-and-white sensor is not a great feature, but rather a lack of feature.

Hence,

Figure 4. The M9-M and M9 compared

I am assuming here that the M9-M is, at the same quantity, cheaper to produce than the M9. Normally, this would make it so the sweet spot is at a lower-price/higher-quantity combination. However, the steeper and higher curve of the M9-M demand makes it so that the price needs to be higher to maximize profit. To the left of and above the intersection between the revenue curves of the two models, denoted by "A", we have a few people who really want it. To the right of and below the intersection, denoted by "B", most people would prefer to have the M9, and you'd practically have to give the M9-M away to increase the sales quantity much. So, having fewer, more fanatic customers leads to lower quantity and higher price, even at lower cost.

Production Capacity and Expansion

Now, about the new building and expanded factory. Sometimes, you end up with a facility that cannot actually let you reach the "sweet spot" quantity you need in order to maximize your profit:

Figure 5. Production capacity

If you could make more, you could sell more at a lower price, but there is a problem: building a factory costs money. So, to produce more, your cost per unit will have to increase. In other words:

Figure 6. The effect of expansion.

Still, even with the slight increase in cost, the greater production capacity allows you to lower the price even further than you could have before the expansion.

If you cannot, in fact, increase your profit by adding a factory, you would have to have a reason other than the profit motive to do it. This gets a little complicated, since the goal is to maximize the profit of the whole company, not of a single product, but, if they've done their homework, Leica should be able to lower the price once their production capacity increases, even for their "prestige" products. If profit is the motive, it is not in their interest to keep the prices higher than the profit-maximization price, or quantity lower than the quantity-maximization quantity.

So, yay, new factory!

Inflated Pricing?

You may have noticed that I do not address the question of "Is Dr. Kaufmann inflating the price, in order to create prestige?" I will touch on this here briefly, using the models I have laid out so far, but with a less quantitative, more speculative spirit. On the surface, the argument makes sense, and I'm sure many companies do that, but I doubt that this is the case with Leica. If Dr. Kaufmann is raising the price to create prestige, then he is running a very expensive marketing campaign. Remember, excessively high price results in higher per-unit profit, but lower overall profit. Think about all the profit he loses by raising the price. Wouldn't it have been better to collect all that and hire a stable of well-respected professional photographers to take some fantastic images and post them on their Web site? Wait, they are already doing that! (Man, have you seen those S2 raw image samples?) In fact, given Leica's history and reputation, most people would be happy to do it for the price of a single M9 and a single Summilux, or for as little as the pleasure of using an S2 for a month or two. Heck, I'd do it! Wouldn't you? Why raise the price and lose the sale of dozens of M9s, when you know it would also piss a lot of people off, and when you can increase the prestige for the price of one or two? When renovating a small section of a reputable store in a rich neighborhood will do? When many such stores would be willing to pay to do it themselves? It seems unlikely that Dr. Kaufmann would sacrifice significant amount of profit for a very ineffective, risky campaign, when other, very cost-effective campaigns are available.

It may also be more effective to sell at maximum profit, and use the profit to develop new products and features that will further add to the prestige of the brand. They have done that with all those "special edition" cameras, believe it or not; I said "new", not "innovative". Hopefully they have done that with the M9-M, and will do it with the mirrorless "solution" this fall.

Thanks, Comrades!

I hope this makes some sense and enlightens our discussions, which, as I have said elsewhere, I enjoy immensely, even when things turn less civilized.

Thank you for your indulgence. Again, please feel free to comment and/or offer alternative models.

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Leica Camera AG released new firmware update v1.0.3.3 for their S2 medium format camera. The changes in this version are support for the new Leica S-Adapter H and improved flash synchronization with 1/125 focal plane shutter. The firmware can be downloaded from Leica Owner's Area.

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The new Leica V-Lux 40 compact digital camera is currently in stock at B&H Photo and Dale Photo & Digital.

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Café Optik and Leica Client Care now offering a unique, personal service as part of Leica Store Mayfair experience; discreet new studio open for professional photographers

17 May 2012:  Leica Camera Ltd has today announced the opening of its extended retail premises encompassing three buildings in Bruton Place, Mayfair, providing Leica customers with a range of premium services, including Café Optik, a complimentary café-style area for Leica owners, and the company’s exclusive new professional photographic studio, Studio-S.

At 27 Bruton Place, located just off Berkeley Square in Mayfair, Leica’s Client Care team offers expert advice tailored to customers’ specific needs, as well as light repairs for camera and optics customers, and sensor-cleaning for Leica M- and S-System owners. Alongside this facility is Café Optik, providing a relaxed and friendly atmosphere, where customers are welcomed when visiting any part of the Leica complex.

With convenient and efficient access for professional photographers, a new rental service is also available on the ground floor: Rental-S. This service incorporates rental of Leica’s high performance S-System, as well as hire of Studio-S.

Studio-S is available to hire exclusively to photographers using the Leica S-System, and includes changing and make-up areas, hospitality and digital operator facilities. The studio is ideally located and appropriate for high-profile or private shoots, where discretion is paramount. As well as on-site equipment, Leica offers additional support such as Leica-trained photographic assistants, therefore providing a unique hire package. Information on hire, including costs and availability, can be obtained by calling 020 7629 1351, or emailing hire@leica-camera.co.uk.

At 34 Bruton Place, the Leica Store Mayfair continues to offer the entire range of Leica products, with the expanded Leica Akademie training facility and new Leica Media Centre located upstairs on the first floor.

In addition, gallery space will be available throughout the three-building complex in the future, showcasing the best in Leica photography.

Bruton Place is located in the heart of Mayfair between Old Bond Street and Berkeley Square. For more information on the Leica Store Mayfair, and all Leica products and services in the UK, please visit www.leica-storemayfair.co.uk

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I am just curious how many readers are planning on buying the newly announced Leica products - this post contains three different polls for the M9-M, X2 and 50mm Cron lens. I did not include the M9-P Hermes limited edition because they will be all sold out anyway.

Leica M Monochrom, 18MP B&W only sensor, $7,950.00:

Leica X2, 24mm f/2.8, APS-C 16.2MP, EVF, $1,995.00:

APO Summicron 50mm f/2 ASPH lens for Leica M rangefinders, $7,195.00:

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Serious Compacts published a very interesting podcast with Jono Slack on the latest Leica products that were announced last week. The full podcast is also available for free on iTunes.

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This year Leica Camera AG reported a record number of entries for the 2012 Oskar Barnack award - so far there are 2,800 submissions from 101 different countries compared to 2000 entries for last year. The winners will be announced on 20 June 2012.

Oskar Barnack Award 2012 Jury Video from Leica Camera on Vimeo.

Get an inside look at the 2012 Oskar Barnack Award Jury in action. The jury members included: Bruce Gilden, Magnum photographer, Stephan Erfurt, Director of the C/O Berlin, Valérie Fougeirol, Creative Director of the Magnum Gallery in Paris, Karin Rehn-Kaufmann, Artistic Director of the Leica Galerie in Salzburg and Brigitte Schaller, Art Director of Leica Fotografie International magazine.

The winners of the two awards, the Leica Oskar Barnack Award and the Leica Oskar Barnack Newcomer Award 2012, will be announced on 20 June 2012.

Press release:

NEW RECORD NUMBER OF ENTRIES FOR THE 2012 LEICA OSKAR BARNACK AWARD

Winners of the esteemed international photography competition to be announced June 20, 2012

Solms, Germany (May 17, 2012) - Leica Camera AG has again received a record number of entries for the annual Leica Oskar Barnack Award, the highly regarded international photographic competition for professional photographers. Approximately 2,800 entries from 101 different countries had been received for assessment by the March 1, 2012 submission deadline, up 40% from last year’s competition total of 2,000 entries. The majority of this year’s entries came from Germany, China and the USA. The winners of the two awards, the Leica Oskar Barnack Award and the Leica Oskar Barnack Newcomer Award 2012, will be announced on June 20, 2012.

Presented for the 33rd time this year, the Leica Oskar Barnack Award’s jury members include: Bruce Gilden, Magnum Photographer, Stephan Erfurt, Director of the C/O Berlin, Valérie Fougeirol, Creative Director of the Magnum Gallery in Paris, Karin Rehn-Kaufmann, Artistic Director of the Leica Galerie in Salzburg and Brigitte Schaller, Art Director of Leica Fotografie International magazine. A video of the jury sitting can now viewed online at www.leica-oskar-barnack-award.com.

The Leica Oskar Barnack Award and Leica Oskar Barnack Newcomer Award 2012 will be presented during the Rencontres Internationales de la Photographie photography festival on July 3, 2012. The value of the prizes has been increased again since last year. The winner of the 2012 Leica Oskar Barnack Award will receive a Leica M9-P camera and lenses in addition to a cash prize of 5,000 euros. The photographer taking first place in the ‘Leica Oskar Barnack Newcomer Award’ category will also receive an M9-P and lenses.

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In an interview with BJP, Dr. Andreas Kaufmann hinted that Leica may not be ready with their new mirrorless interchangeable lens camera system for Photokina 2012:

"We can't produce enough of what we already have. There's a project in place, but no timeframe. But you should come to our event on 17 September to see what we have."

On the same topic, the CEO of Leica Alfred Schopf said:

"We already have the best compact camera system here, with the M9. Now, we have to look at the size of the lenses. Do we like having a Coca-Cola can in front of a small camera body. The combination between the camera body and the lens has to fit."

Regarding the upcoming Leica M10, Dr. Kaufman confirmed to BJP that the new M camera will have video recording capabilities and that they were able to solve several problems like data rate, battery lifecycle and heat emissions.

A new M10 with CMOS sensor, live view and video was already mentioned by Stefan Daniel last year.

Leica Camera AG will continue to work with Truesense Imaging on future sensor development.

For Photokina 2012, Leica have booked the entire Hall 1 of the Cologne exhibition center.

There were also some rumors that Leica may introduce a new S3 medium format camera for Photokina.

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At the May 12th WestLicht Photographica auction in Vienna, a new record was set for the most expensive camera in the world - this Leica 0-Serie camera with serial number 116 sold for 2,160,000 EUR (around 2,790,000 USD). The previous world record  was also for a Leica 0-Serie Nr.107 that sold for 1.3 million EUR (1.9 million USD) last year.

This Leica M3 Gold sold for EUR 360.000 (around 460,000 USD):

Leica M3 gold © WestLicht Photographica Auction

All auction results can be found on westlicht-auction.com (PDF file available here), all M cameras are listed here.

Video of the actual bidding for the Leica 0-Series camera:

All expectations of the 21st WestLicht camera auction were exceeded: For the 5th time the world record for the most expensive camera ever sold was broken at a WestLicht auction in Vienna with a winning bid of 2,160,000,- EUR including buyer’s premium.

The third of the 629 lots to be auctioned, with a starting price of 300,000 EUR was an extremely rare exemplar of the Leica 0-Series, a test camera from the year 1923. In an exciting bidding war between the room, phone and internet bidders, the price of the camera climbed to a new world record. The bidder who secured the rare exemplar would like to remain anonymous.

Further highlights of the camera-auction:
One of only two existing M3 Leica cameras (Lot 113), that was officially gold plated by Leitz, was sold for 360,000 Euro (starting price 40,000; Estimate 70,000 – 90,000 Euro).

A 250FF (Lot 34), one of the most exiting screw-mount Leica cameras ever offered for sale in auction, climbed from a starting price of 12,000 to 120,000 EUR.

An Elcan 1/90mm + KE-7A (186) had a 228,000 Euro collector’s value.
(Starting price 30,000). This ultra-rare and extremely fast lens was produced for the US Navy, only 10 of these were made. This is the first lens in the series and was for the first time offered in auction!

In total 95 percent of the camera lots were sold, and the total turnover of the 21st camera auction was 5,351,000 EUR.

All images © WestLicht Photographica Auction

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At the recent Tamarkin & Bertoldi Vintage Auctions, a black enamel Leica MP-126 with a 50mm Summicron lens sold for $130,000 plus commissions - a total of $158,000. The complete auction results can be found on tamarkin.com.

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Allendale, NJ (May 11, 2012) – Leica Camera Inc., the legendary German camera and sport optics brand, announces the opening of the Leica Boutique at Camera West in Rancho Mirage, CA. Featuring an extensive selection of the Leica photography and sport optics product portfolio, the store-in-store retail concept provides an exceptional resource for professional and amateur photographers to experience Leica Camera firsthand. The Leica Boutique at Camera West will celebrate its grand opening on May 19, 2012 from 10:00 AM to 4:00 PM.

“Leica Camera offers photographers unparalleled creative freedom and inspiration by producing products of outstanding quality and craftsmanship. Leica Boutiques celebrate these core values and create an incomparable buying experience for our customers,” said Roland Wolff, Director of Corporate Retail at Leica Camera Inc. “With the partnership between Leica Camera and Camera West, Leica aficionados, professional and amateur photographers as well as those new to the brand have the opportunity to discover Leica Camera in a memorable and interactive setting.”

To celebrate the grand opening, Leica Representatives will be on hand to present newly announced products in the Leica portfolio. In addition, Leica Product Specialist Ben Ross will demonstrate the Leica S2, a revolutionary digital camera concept for supreme professional requirements. A complimentary brunch will be offered during the morning hours and hors d'oeuvres in the afternoon.

To RSVP to the opening celebration events, please email RSVP@camerawest.com.

Store hours are 10:00 AM – 6:00 PM Monday - Friday and 10am-4pm Saturday. The location is closed Sunday. Camera West is located at:
70-177 Hwy 111, #100
Rancho Mirage, CA 92270
Phone: 760.992.5422

Leica Boutiques complement Leica Stores and an extensive dealer network. For additional information, please visit www.camerawest.com.

About Leica Camera:
Leica represents a union of craftsmanship, technology and experience. It is at once an extension of art, knowledge and philosophy, providing a state-of-the-art optical experience in a precision, hand-made photographic instrument. Leica Camera has a simple mission: to provide users with an incomparable experience, an instrument that defines an unsurpassed heritage and sets a standard of excellence for the industry to meet.

About Camera West:
Camera West is a California-based business which specializes in the highest quality photographic equipment. Camera West was founded January 2000 by Sean Cranor, and is staffed by professionals who are passionate about photography. The staff possesses expert product knowledge. The store provides exemplary customer service and is dedicated to strong, long-term, customer relationships.

Product offerings span from large format to subminiature, in both digital and analog formats. Camera West also stocks new and used items, from the latest digital cameras, backs, printers and accessories to rare and unusual collectible cameras and museum pieces.

Camera West operates two locations in Rancho Mirage, CA and Walnut Creek, CA.

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Few videos of Leica's May 10th event from Leica Camera AG and Eric Kim:

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The new Leica products are now available for pre-order:

Adorama

• Leica 50mm f/2 APO-Summicron-M Aspherical lens
• Leica M9 Monochrom rangefinder
• Leica V-Lux 40
• Leica X2 camera black
• Leica X2 camera silver

B&H

• Leica 50mm f/2 APO-Summicron-M Aspherical lens
• Leica M9 Monochrom rangefinder
• Leica V-Lux 40
• Leica X2 camera black
• Leica X2 camera silver
• Leica X2 leather case (brown)
• Leica X2 ever-ready case
• Leica X2 camera protector

DalePhoto

• Leica 50mm f/2 APO-Summicron-M Aspherical lens
• Leica M9 Monochrom rangefinder
• Leica X2 camera black
• Leica X2 camera silver
• Leica S-Adapter H

Check the posts bellow for additional coverage of the new Leica products.

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The first previews of the new Leica products are already online (I will continue to add links to this post in the next few days):

• Few M9-M samples and thoughts from japancamerahunter.com.
• First Leica X2 review.
• Leica M9-M review with many samples.
• Leica M9 Monochrome samples at PopPhoto.
• Leica M9-M samples on Leica's website (large size jpg samples can be downloaded here).
• Check www.leicamonochrom.com for M9-M sample images.
• Leica X2  ISO comparison to Leica X1 and Fujifilm X100.
• More Leica X2 ISO samples.
• RedDotForum coverage of the event.
• Leica M9-M hands-on at luminous-landscape.
• Leica M9-M preview on dpreview with sample images.
• Leica M9-M review form the l-camera-forum.

Most of the new Leica products are now available for pre-order except the M9-P Hermes limited edition that will be available only in selected Leica Boutiques. There are also several new videos on the new Leica products:

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Solms Germany (May 10, 2012) - Leica Camera AG presents the Leica M Monochrom, the world’s first digital camera exclusively for full-frame, 35 mm black-and-white photography. Featuring a sensor designed specifically for this purpose, the new addition to the Leica portfolio enables photographers to capture images in outstanding black-and-white quality, setting entirely new standards. The latest camera in the flagship Leica M-System, the Leica M Monochrom continues the successful story of the Leica rangefinder system, which has written numerous chapters in the history of innovative photography.

“Black-and-white photography is more popular than ever before. Even today, it has lost none of its fascination as an expressive medium, not even for younger generations of photographers. This is confirmed by the numerous monochrome images shown by members of the M-Community, who we are in constant contact with,” said Jesko von Oeynhausen, Product Manager for the M-System at Leica Camera AG. “For the first time ever, we are offering an opportunity to consistently and authentically explore black-and-white photography with the M Monochrom, a tool that is unique in the digital world. The camera’s exclusively black-and-white sensor brings an enormous technical benefit that is reflected in the amazing imaging quality it delivers.”

The 18 MP image sensor of the M Monochrom is perfectly matched to the unique properties of the Leica M-System and the superior performance of Leica M-Lenses. As the sensor does not ‘see’ colors, every pixel records true luminance values – as a result, it delivers ‘true’ black-and-white images that are significantly sharper than comparable exposures from a camera with a color-sensitive sensor.

To allow precise control of tonal values, the Leica M Monochrom offers a raw data histogram display to exhibit original, unprocessed and unmodified raw data. This, combined with a configurable clipping display, allows precise correction or optimization of exposures.

At the touch of a button, images captured by the M Monochrom can be converted with characteristic toning effects from black-and-white film photography (sepia, cold or selenium toning). All users need to

do is save the image in JPEG format and select the desired toning effect – simply and conveniently, with no need for post-processing.

The classic, iconic design of the Leica M-cameras is carried forward by the Leica M Monochrom. The matte-black finish of the chromed top deck allows the camera to be an unobtrusive tool. Only an engraved script on the accessory shoe reveals the product name. The camera features particularly soft leather trim with ideal grip that perfectly complements the camera’s discreet character. The camera package also includes a genuine leather carrying strap in premium full-grain cowhide.

The M Monochrom is supplied complete with Adobe Photoshop Lightroom, a professional digital workflow solution. The software is available to customers as an online download after product registration. Adobe Photoshop Lightroom offers a wide range of functions for the management, processing and presentation of digital images. For example, this software allows for the creation of simple print layouts, slide shows and photo books.

A full-version of Silver Efex Pro 2, the world’s leading black-and-white image processing software, is also included in the package. Silver Efex Pro 2 offers an impressive collection of unique and powerful, darkroom-inspired tools for the creation of high quality black-and-white images. Silver Efex Pro 2 emulates over 20 different types of black-and-white film to recreate the glory of classical black-and-white film photography. The emulation of each film type is based on the analysis of many rolls of the respective type and guarantees perfect reproduction of the characteristic look of many popular films from ISO 32 to ISO 3200.

For the production of high-quality black-and-white prints, Leica Camera AG also offers a unique service in collaboration with Whitewall. After registering their Leica M Monochrom on the Leica website, customers can have their digital images from the M Monochrom printed on premium-quality baryte paper. These prints can be ordered from Whitewall through a personal link.

From photojournalism and available light photography to discreet, artistically aesthetic, creative compositions – the Leica M Monochrom adapts flexibly to every application and enables the expression of personal photographic style and consciously creative composition. The enormous potential performance of the current M-Lens portfolio, with focal lengths from 16 to 135 mm, is also fully accessible. In line with Leica’s renowned commitment to extreme system compatibility, almost all lenses of the Leica M range built since 1954 can still be used on the M Monochrom.

All characteristic properties of the Leica rangefinder system are also present in the new Leica M Monochrom. This, for instance, also includes the system’s intuitive and discreet handling. Its manual focusing based on the combined viewfinder and rangefinder concept and aperture priority exposure mode is an aid to photographers rather than placing undesired limitations on their creative freedom. In combination with the monitor display on the back of the camera, the simple menu navigation needs only a few control elements to enable rapid access to the entire range of camera functions. Together with its compact construction, the camera’s almost silent shutter benefits discreet and unobtrusive photography. Photographers can even select the appropriate moment for re-cocking the shutter. When longer exposure times requiring an extremely steady camera stance are essential, a slight pressure on the shutter release button in ‘soft release’ mode is sufficient.

All functions of the Leica M Monochrom are constructed with extreme robustness and a long working life in mind. Its one-piece, full-metal housing, made from a high-strength magnesium alloy, and the top deck and bottom plate, machined from solid brass blanks, provide perfect protection for its precious inner mechanisms. The digital components and shutter assembly of the M Monochrom are similarly constructed with a view to a lifetime of endurance. For photographers, this provides absolute reliability over decades of use. The experienced hands of Leica technicians at the factory in Solms are responsible for the assembly and calibration of M Monochrom bodies and the precise testing of all mechanical and electrical components. Leica Customer Care has decades of experience in repairs and maintenance and therefore creates a solid foundation for long life and enduring value. Even today, the service department maintains and repairs all M-Cameras built since 1954.

The Leica M-System has played a significant role in the development of the company’s performance in recent years. The annual figures have been correspondingly positive since the launch of the Leica M9 in September 2009 and are now registering record revenues.

The Leica M Monochrom in black chrome will be available from Leica dealers including the Leica Store Washington DC beginning in late July 2012.

The price of the Leica M9-M is $7,950.00.

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Solms, Germany (May 10, 2012) - Leica Camera AG presents a new milestone in the history of lens construction: the Leica APO-Summicron-M 50 mm f/2 ASPH. With the goal of creating a lens that fully achieves the opportunities offered by high-resolution camera systems, Leica engineers have successfully redefined the limits of what is technically possible. The result is an extremely high-performance lens that sets entirely new standards and currently stands as an exceptional talent amongst the standard lenses of the Leica M portfolio.

This new reference lens achieves the best test results ever seen in the Leica M-Lens program. The MTF curves of the Leica APO-Summicron-M 50 mm f/2 ASPH. that describe the contrast of fine details and, in turn, the image sharpness, confirm its outstanding performance. Even the finest details are resolved with more than 50% contrast across the entire image field. This previously unattained value confirms the exceptional positioning of this lens. All images captured with the Leica APO-Summicron-M 50 mm f/2 ASPH. in any photographic situation show extreme sharpness and resolution of details from corner to corner of the image. Additionally, the apochromatic correction of the lens minimizes chromatic aberration on sharp edges to ensure natural rendition of every detail. As a result, photographers benefit from the best possible reproduction results at any print size.

The outstanding performance of the Leica APO-Summicron-M 50 mm f/2 ASPH. is founded on the perfect interaction of all its design and construction parameters, from optical calculation and choice of materials to the sophisticated and elaborate manufacturing and finishing of the lens. Together with more than 150 years of experience in the design and construction of optical instruments, Leica’s reputation as the manufacturer of the world’s best lenses is once again emphasized.

The new design of the Leica APO-Summicron-M 50 mm f/2 ASPH. is based on the optical design of its predecessor that has been on the market since 1979 and is the oldest lens represented in the Leica M portfolio. The classical specifications, 50 mm focal length and a maximum aperture of f2, offered an ideal starting point for further development. As such, Leica’s expert lens designers were able to concentrate exclusively on the improvement of imaging quality within these standard specifications.

In its optical design, the Leica APO-Summicron-M 50 mm f/2 ASPH. is oriented on particular features of the Summilux-M 50 mm f/1.4 ASPH. and the Summilux-M 35 mm f/1.4 ASPH. lenses. For instance, the Leica APO-Summicron-M 50 mm f/2 ASPH. also incorporates a floating element. The lens group behind the diaphragm is designed as a floating element that changes its position relative to the front group during focusing, ensuring that the lens achieves outstanding imaging quality throughout its focusing range, including at closer focusing distances.

The realization of the apochromatic correction of the Leica APO-Summicron-M 50 mm f/2 ASPH. involved the use of specially formulated glasses based on original developments from the former Leitz glass laboratory. The use of such glasses requires great effort and many years of experience. As a result of the consistent advancement of optical processes, working with these high-quality glasses has been refined to such a fine art that they are integrated in the best possible quality into Leica lenses as evidenced today in the Leica APO-Summicron-M 50 mm f/2 ASPH.

As a particularly reliable product with enduring value and made in Germany, the Leica APO-Summicron-M 50 mm f/2 ASPH. is manufactured from only the best materials and is assembled in an elaborate process completely by hand at Leica’s factory in Solms. The combination of cutting-edge technologies and painstaking manufacturing procedures guarantees the consistently excellent quality of every single Leica lens.

The Leica APO-Summicron-M 50 mm f/2 ASPH. in black finish will be available from Leica dealers including the Leica Store Washington DC from late July 2012.

The price of the new Leica 50mm Summicron lens is $7195.00.

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Solms, Germany (May 10, 2012) - Leica Camera AG presents the X2, a new addition to the X-line of compact digital cameras. Handmade at Leica’s headquarters in Germany, the Leica X2 features a new APS-C-format professional CMOS image sensor with over 16.5 megapixels (effective 16.2 MP). In combination with the high-performance Leica Elmarit 24 mm f/2.8 ASPH. lens, a classic focal length for photojournalism, this sensor ensures maximum image quality and sparkling brilliance. With its refined styling and high-performance technical features, the Leica X2 offers unsurpassed performance in a compact package.

The Leica X2’s autofocus system has also been enhanced, allowing the camera to adapt to all shooting situations with enormous flexibility and enabling fast, extremely precise and almost silent focusing. The camera’s profile is complemented by numerous setting options from full manual control to automatic functions and an intuitive handling concept. These features make the Leica X2 the ideal premium-class compact camera for discerning photographers who wish to concentrate completely on their subjects and appreciate creative and true-to-life pictures.

The CMOS image sensor of the X2 is unusually large for a camera in the compact segment. Despite its high resolution of over 16 megapixels, each individual pixel on the sensor is very large, allowing the X2 to gather more light. The resulting benefits include low image noise, a high dynamic range and accurate color differentiation. The crop factor of the sensor is 1.5 in comparison with 35-mm film format, meaning that the Leica Elmarit 24 mm f/2.8 ASPH. lens of the Leica X2 becomes a universal reportage lens with an effective 35-mm-equivalent focal length of 36 millimeters. This is considered to be a classic focal length amongst prime lenses and has captured innumerable iconic images. The moderate wide-angle character and natural rendition of dimensions by the high-performance lens of the X2 open up a broad spectrum of different options for capturing those decisive moments in outstanding, authentic and richly detailed picture quality.

As a result of its simple operating concept, the Leica X2 offers clearly laid-out functions and intuitive handling. At the same time, it offers an impressive range of automatic and versatile manual setting options. Thanks to the ease of switching between manual and automatic control, photographers can concentrate completely on composing their subjects and choosing the decisive instant to shoot in any situation. The dials on the top deck provide grip when setting the shutter speed and aperture. Moreover, changing the plane of focus, the white balance and other imaging parameters allows photographers to consciously influence the look or mood of their images. In live view mode, the generously sized high-contrast 2.7" monitor offers photographers complete control at all times and a bright and detailed view, even in strong light.

The features offered by the Leica X2 provide greater creative freedom and a wide range of photographic options. For instance, the Leica X2’s large sensor and fast lens make it ideal for shooting in available light. The camera also features a pop-up flash that can be activated whenever an additional light source is required. If more lighting power and flexibility are required, the accessory shoe of the X2 offers full compatibility with the Leica SF 24D and SF 58 system flash units.

The Leica X2 is characterized by clear lines and an intensely focused design concept. The linearity of its design and its compact, handy form are reminiscent of the Leica M-cameras. This, in combination with its robust, all-metal construction and premium, high-grip leather trim makes the X2 a classic Leica camera in both looks and feel. The camera is available in a discreet black or elegant silver finish.

An extensive range of accessories is also available to adapt the Leica X2 to each photographer’s individual photographic needs and style. A new offering is the Viso-Flex high-resolution electronic accessory finder with 1.4 megapixels and a 90° swivel function for shooting from unusual angles. Also available is a bright-line mirror finder that can be mounted on the accessory shoe and ensures a bright and clear view at all times, with no drain on the camera battery. An accessory handgrip increases the hold and stability of the camera and makes it easier to shoot one-handed. Leica continues to offer a comprehensive range of bags and cases: a premium-quality black leather case to match the elegance of the X2, an ergonomically designed camera protector in untreated leather, an ever-ready case in organically tanned cowhide to protect the camera during use and a system bag that offers more room for the camera and a range of accessories.

Adobe® Photoshop® Lightroom®, a professional digital workflow solution for Apple Mac® OS X and Microsoft Windows®, is also included in the X2 package. This digital image processing software offers a

wide range of functions for the management, processing and presentation of digital images. Leica X2 customers can download the software free from the Leica website after registering their camera.

The Leica X2 is available now through Leica dealers including the Leica Store Washington DC. The optional accessories will be available after the market launch of the camera.

The price of the Leica X2 is $1,995.00.

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Solms, Germany (May 10, 2012) - Leica Camera AG presents a new limited edition: the Leica M9-P “Edition Hermès”. Following the highly successful Leica MP “Edition Hermès” (2003) and the Leica M7 “Edition Hermès” (2009), this camera is the third in a line of premium special editions of the Leica M-System to be created in collaboration with the renowned Parisian house. The Leica M9-P “Edition Hermès” is being offered in a strictly limited edition. The exclusive numbers, unique product design and premium finishing with numerous extras make this a truly special edition in every respect.

The highlight of the Leica M9-P “Edition Hermès” is the “Veau Swift” calfskin leather in “ocre,” supplied by Hermès for the leathering of the silver-chromed version of the Leica M9-P camera. This extremely fine and supple leather is applied not only to the camera body, but is also used for the shoulder strap included in the set. The camera also sports a special design, created in collaboration with the automotive designer Walter de’Silva. Furthermore, various features of the camera body have been redesigned, including the top deck, the base plate, the shutter speed dial, the multifunction wheel and the shutter release. These details distinguish the cameras from the standard version of the Leica M9-P and emphasize the unique status of the limited edition. In addition to a dedicated serial number, each camera also bears one of a series of consecutive limited-edition numbers.

The Leica M9-P “Edition Hermès” is offered in two different sets, with either one or three lenses. When compared with their standard versions, the design of all the lenses incorporates numerous differences in their details, ensuring a perfect harmonization of the cameras, their lenses and accessories.

This first of the Leica M9-P “Edition Hermès” sets is available from June 2012 in a worldwide limited edition of 300. In addition to the camera, the set includes a silver-anodized Leica Summilux-M 50 mm f/1.4 ASPH.

Following this will be a very special set available from July 2012. The Leica M9-P “Edition Hermès – Série Limitée Jean-Louis Dumas” is a celebration of the friendship and collaboration between Jean-Louis Dumas, the former president of Hermès, who passed away in May 2010, and Leica Camera AG. A strictly limited edition of only 100, the camera in this set is accompanied by three lenses: a Leica Summicron-M 28 mm f/ 2 ASPH., a Leica Noctilux-M 50 mm f/0.95 ASPH. and a Leica APO-Summicron-M 90 mm f/ 2 ASPH., all featuring a silver-anodized finish.
This unique collection of photographic equipment finds a fitting home in a hand-finished Hermès camera bag that is available exclusively as a part of the Leica M9-P “Edition Hermès – Série Limitée Jean-Louis Dumas.” The camera bag is the first Leica camera bag ever to have been created by Hermès, a company world-famous for its manufacturing excellence. As an homage to Jean-Louis Dumas, a Leica photographer, this second set also includes a book with a selection of his pictures. The photographic work in two volumes shows an entertainingly diverse portfolio of 200 black-and-white images on 190 pages, all captured by Jean-Louis Dumas with his Leica M camera.

In the limited edition, the frame selector lever, accessory shoe and Leica script on the top deck have been omitted in favor of its unique design. In all other technical details, the cameras and lenses of the special editions are identical to those of the standard versions.
The Leica M9-P “Edition Hermès” and Leica M9-P “Edition Hermès – Série Limitée Jean-Louis Dumas” are available exclusively through Leica Stores and Leica Boutiques, including the Leica Store Washington DC.

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Solms, Germany (May 10, 2012) - Leica Camera AG presents the V-Lux 40, a new addition to Leica’s digital compact camera portfolio. Incorporating numerous new features in comparison with its predecessor, the Leica V-Lux 30, this latest model offers greater performance of its 15.3-megapixel (effective 14.1 MP), 1/2.33" CMOS sensor and a Leica DC Vario-Elmar 4.3–86 mm f/3.3–6.4 ASPH. lens with a zoom range now extended to 20×. As a result of the broadened range of focal lengths, now equivalent to 24 to 480 mm in 35-mm format, the Leica V-Lux 40 is a much more versatile camera. In addition, the LCD touch screen ensures the fast and simple handling of the camera. Its compact design, comprehensive functions and additional features, such as an integrated GPS module or video recording in full HD quality, make the V-Lux 40 the ideal companion for capturing lasting memories whether traveling the world or enjoying time with family at home.

The Leica V-Lux 40’s new 15.3-megapixel (effective 14.1 MP), 1/2.33" CMOS image sensor guarantees outstanding picture quality in all situations. It enables a higher dynamic range as well as particularly low-noise images at sensitivities up to ISO 3200. In comparison to its predecessor, the Leica V-Lux 40 now offers significantly improved image quality, even in low light. Additionally, an autofocus speed of 0.1 seconds enables even faster focusing on moving subjects.

The enormous range of focal lengths covered by the V-Lux 40’s Leica DC Vario-Elmar 4.3–86 mm f/3.3–6.4 ASPH. zoom lens (equivalent to 24 to 480 millimeters in 35-mm format) makes it ideal for almost all photographic situations. For expansive landscapes, finely detailed macro studies at short distances or for shots of distant objects with its super-telephoto setting, this Leica lens with high-precision aspherical lenses and an image stabilizer delivers outstanding results for all still images and video recordings.

The Leica V-Lux 40 offers a comprehensive range of camera functions. Users can choose from a diverse selection of creative imaging options, from a continuous shooting rate of ten frames per second at full resolution and 60 frames per second in high-speed mode, to creative modes with effects like miniature, panorama and retro.

Ideal for capturing video, the Leica V-Lux 40’s entire 20× zoom range is available during recording. In addition, an integrated stereo microphone with an electronic wind noise filter guarantees a crystal-clear soundtrack. Videos can now also be saved in Internet-friendly MP4 format and uploaded directly to social media or mobile devices, for example, without any need for conversion.

An integrated GPS module completes the list of features and functions offered by the V-Lux 40, allowing users to save the geographical coordinates and local time of every shot captured in the Exif data of the image files.* In addition, the camera can display the sightseeing highlights of the immediate neighborhood (1,000,000 so-called ‘points of interest’). A DVD included in the package contains maps of important cities and regions. After transfer to an SD memory card, these can be uploaded to the camera and used for orientation in unfamiliar places. Photos can be stored in the maps as thumbnail images.

The new design of the Leica V-Lux 40 is dominated by classic black. Chromed elements set contrasting accents and complement the camera’s refined and timelessly elegant look. Particularly easy handling is ensured by a large, 3-inch LCD touch screen that allows users to select or set numerous functions in capture and review mode simply by touching controls displayed on the monitor screen. This oversized screen has a diagonal of 7.5 centimeters and its resolution of 460,000 pixels displays images with outstanding brilliance. As a result, the Leica V-Lux 40 is an ideal tool for reliable and precise assessment of images both during composition and after capture.

The Leica V-Lux 40 is available now from Leica dealers including the Leica Store Washington DC. The camera is supplied with an extensive software package comprised of Adobe® Photoshop® Elements 10 for still-image processing and Adobe® Premiere® Elements 10, designed especially for video processing. A strong and resilient leather case is also available as an optional extra.

* It is possible that GPS tagging may not function in the People’s Republic of China and neighboring regions. Satellite signal reception may be impossible, depending on the location. In such cases, the positioning data may be recorded inaccurately or not at all.

The price of the Leica V-Lux 40 is $699.00.

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