High-end camera collectors from Hong Kong and the mainland are buying up rare Leica models, pushing up prices dramatically for a brand that almost went bankrupt in 2004.
Peter Coeln, a former Leica collector and founder of the world's first Leica store, was in Hong Kong yesterday as part of a roadshow for an upcoming auction in Vienna of vintage cameras by his auction house WestLicht.
He said growing demand from Asian buyers, as well as from traditional European collectors, had seen prices for vintage Leica cameras double in the last year.
'The prices are going up dramatically. In the past 20 years, it was steady but now it's like a rocket,' he said.
'It was big in the early '90s but in 1997, they broke down and [Leica] was almost dead in 2004. Then it picked up again.'
Coeln, who lists the Sultan of Brunei and Britain's Queen Elizabeth among famous Leica collectors, said Chinese buyers liked the brand but were also drawn to the design and quality of the camera.
At yesterday's exclusive showing - held at the Jockey Club - for fans and collectors, there were about 60 cameras on display, worth about Euro2.5 million (HK$27 million).
