Say Cheese: How To Invest in Vintage Cameras

Browse any flea market and you’ll likely find at least a vintage camera or two. While many are outdated digital cameras, you’d be surprised to find a rather expensive analog camera.

But are these old cameras actually worth anything? Get your old Kodak out as we hit record on vintage film camera investing.

Blame it on TikTok or Gen Z’s nostalgia for the 90s, but film photography is having a bit of a comeback. Instead of the instant gratification of snapping iPhone shots and dumping them on social media, some are turning to analog cameras and even learning to develop film.

Major film manufacturers like Kodak Alaris and Fujifilm are noticing an uptick in film products, with a large portion of customers under 35. Fujifilm’s Polaroid cameras have seen an upswing in sales over the last decade. In 2010, the company sold half a million, and in 2020, it sold 10 million worldwide.

Today, TikTok and YouTube are full of creators dedicated to all things film photography. And because holding physical film is getting more popular, some cameras are worth a bit more than others.

Old cameras can be worth nothing or thousands of dollars. Like many of the best collectibles worth investing in, it all depends on factors like brand, condition, type, and popularity. A vintage camera sitting in your grandma’s attic might not be worth anything if it was mass-produced or damaged from years of collecting dust. But if you have a family member who was a pro photographer, that could be a different matter.

One of the most expensive cameras ever auctioned was a rare, vintage Leica from the early 1900s, which is part of a famed 0-Series and went for a record €14.4 million ($15.1 million) in June 2022. Only about a dozen 0-Series Leica’s have survived to today of the 20-odd prototypes made in 1923 to test the market for 35mm film. A similar model sold in 2018 for $2.95 million.

Meanwhile, a special edition 1994 gold Leica M6, created for the 50th birthday of the Sultan of Brunei, sold for roughly €31,200 ($35,731) in June 2020. Covered in gold, it's housed in a special wooden box, and only 125 were ever issued.

It’s not just vintage cameras that can sell for millions. A unique Leica M created in 2012 by Apple designer Jony Ive and industrial designer Marc Newson sold for over $1.8 million at Sotheby’s (RED) auction in 2013.

If you noticed that all these cameras were Leicas, you’d get a gold star. Leicas are famous in the photography world and would fetch good money from collectors. This brings us to our next point—things like brand are one of the many things to consider when looking for valuable vintage cameras.

Whether you want to invest in valuable film cameras or a vintage video camera, here are things to keep in mind when researching collectibles:

Brand 

The brand is everything when it comes to collectibles, and even more so for cameras. Mass-produced cameras, like a Kodak Instamatic camera, might sell for $10 or $25. But a rare camera from a well-known brand like Kodak can go for thousands or even millions of dollars.

Other brands that can be worth a fortune include Hasselblad and Nikon.

Type

The other thing to keep in mind when investing in a vintage camera is the style of camera. Things like the type of film the camera uses should also be taken into account. A film camera with 35mm or 120 film is among the most popular film among photographers. Cameras with film that is not produced anymore might be valuable or not.

Other factors to keep in mind are the construction and features of the camera, such as if it comes with accessories. For example, a camera that is made of metal is likely to have more value than a mass-produced digital camera made from plastic. 

Other factors like shutter speed can also increase the value of a camera, as well as the type of lens it comes with. In fact, sometimes the lens can be worth more than the camera itself. For example, the price of a Leica Thambar portrait lens can range from $2,000 to as much as $12,000. 

Rarity 

When it comes to antique film cameras, rarity is an important factor in determining its worth. A camera that's rare and popular, like a black Lecia, is more valuable than a digitally mass-produced camera like a Sony. However, some popular and mass-produced cameras can be valuable, like a classic Polaroid. A Polaroid SX-70 Land Camera owned and used by Andy Warhol sold for $13,750 at Heritage Auctions in 2020.

Condition 

The last factor that can impact the value of a vintage camera is its condition. A working camera with few scratches and dents is likely to be worth more than a camera with scratched lenses or with damaged accessories. If you’re looking to invest in a vintage camera, look for one that not only is from a famous brand like Leica or Kodak, but also is in good condition, free from dents and dust. And make sure that you protect your investment, keeping it secured, covered, and in a dust-free environment.

If you want to invest in film and vintage video cameras, you have a few options. You can go through auction houses like Sotheby’s or Christie’s or specialized photography auction houses like Leitz Photographica Auction. Or you can find vintage cameras on online auction houses like eBay, marketplaces like Etsy, or at a specialty camera shop.

If investing in a vintage video camera isn’t your thing, you can also buy shares of publicly traded film companies like Fujifilm or Canon through Public or Robinhood and other online brokerages. These brands don’t just make cameras—they produce equipment for optics, offices, medical electronics, and even chemicals.

If you want to buy a vintage camera but aren’t sure about storing it or just can’t afford the hefty price tag of a quality investment-worthy camera like a Leica, then you can also consider buying shares of a vintage camera through Rally.

Rally is a platform that lets you invest in cameras as well as vintage video games, collectible sports cards, and more. Rally takes care of acquiring and storing collectibles and securitizes them so you can buy shares and own part of a moment of history.