Leica Noctilux-M 50mm f/1.2 ASPH (Original Black Chrome) — A Legendary Lens With Rising Collectible Value

Few lenses in photographic history command the mythic status of the Leica Noctilux-M 50mm f/1.2 ASPH. Originally introduced in 1966 and reissued in extremely limited quantities, the early Noctilux 1.2 remains one of the most significant optical designs ever produced by Leitz Wetzlar. Known for its dreamy rendering, distinctive vignetting, and groundbreaking aspherical elements—rare for its era—the Noctilux 1.2 is both a functional masterpiece and a world-class collectible.

The example featured here (serial no. 2254993) is the Original Black Chrome edition, a highly sought-after variant prized by Leica collectors for its rarity, aesthetics, and historical importance. With clean optics, smooth mechanics, and near-mint cosmetics, this lens represents a premium acquisition for users and collectors alike.

Historical Background and Optical Significance

The original Noctilux 50mm f/1.2 ASPH was revolutionary upon release. At the time, producing a fast f/1.2 lens with two hand-ground aspherical elements required exceptional precision and labor—so much so that Leica discontinued the design due to production difficulty. This early aspherical construction gives the Noctilux 1.2 its signature look: a combination of sharpness, painterly falloff, and a luminous glow wide open.

The design became so iconic that Leica released a limited, modernized reissue decades later. But it is the original version—particularly special editions like the black chrome variant—that holds the strongest collector interest.

Technical Characteristics and Condition Overview

This example includes the lens body, third-party front cap, Leica rear cap, and original hood. Its mechanical and optical state is exceptionally strong:

• Cosmetics: Light, minor scuffing consistent with careful use; overall near-mint.

• Optics: Crystal clear, with no haze, fungus, scratches, or separation—a rarity for early Noctilux lenses.

• Functionality: Smooth focusing, proper aperture control, and full operational reliability.

Given the age and technical complexity of this optical design, a clean example like this is increasingly difficult to find.

Why Collectors Covet the Original Black Chrome Noctilux

Several factors make this lens one of the most desirable Leica M-mount collectibles:

• Limited production run and extremely low surviving population

• Early aspherical technology hand-ground at Leitz Wetzlar

• Distinct rendering impossible to replicate with modern optics

• Strong crossover demand between photographers and Leica historians

• Continuous upward value trend driven by scarcity and collector competition

The black chrome variant is even more desirable due to its unique finish and lower circulation compared to black anodized or chrome editions.

Estimated Appraised Value

Based on current market results, historic appreciation, condition grade, and rarity of the black chrome configuration, the estimated fair market value for this example is:

$12,000 – $18,000

Exceptional copies with full original packaging and confirmed provenance can exceed this range. Values for clean Noctilux 1.2 lenses have increased steadily over the last decade, with long-term appreciation highly likely as supply continues to diminish.

The Importance of Authentication and Appraisal

Vintage Leica lenses—especially specialty optics like the Noctilux 1.2—often require expert verification to confirm originality, production era, aspherical type, condition grade, and market positioning. An appraisal offers:

• Verified confirmation of authenticity

• Accurate condition assessment (critical for collectors)

• Proper documentation for insurance or estate planning

• Increased buyer confidence and resale leverage

• Long-term provenance for museum or archival interest

With collectible lenses, even small differences in production details can materially affect value.

At DJR Authentication, we appraise and authenticate Leica optics, rare lenses, cameras, and photographic equipment of all eras. Our evaluations include full documentation suitable for insurance, estate planning, resale, and more. To submit your item for online appraisal or schedule an in-person consultation, visit the services page. In-person consultations are available by appointment in Charleston, SC.