Last Updated on 03/25/2024 by Chris Gampat
It’s no secret that we’ve seen camera gear sell for a lot of extra cash on the second-hand market. Unlike digital cameras, which will age almost as fast as bananas, lenses can stick around. In fact, the Leica 35mm f1.4 Steel Rim is proof of that concept. Copies of this lens, sometimes called the King of the Bokeh, go for nearly $40,000 on eBay — and Leica is releasing a limited edition of 200 new copies of the lens for only $10,000. Pretty much anything Leica makes is a testament to that fact with the only other brands able to hold their own value being Hasselblad, Nikon, or Canon.
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Experts in This Article
To pursue better journalism, the Phoblographer is actively working to put our sources up front to combat misinformation and hearsay that otherwise taints the credibility of facts. Here are our sources, along with links to where you can find out more about them and some information on why they’re considered experts in their field.
Gabriel Binder: Sales Associate at Blue Moon Camera and Machine. He also worked at a Leica store for several years. Even though the Phoblographer is based in NYC, Blue Moon is our preferred partner for film processing.
Ken Rockwell: We’re sure that one of the original independent camera reviewers doesn’t need much introduction. Ken has been reviewing photography gear since 1999 and is one of the original .com photography website reviewers, along with Luminous Landscape and DPReview. He’s still publishing today, too.
The King of the Bokeh
The new Leica 35mm f1.4 Steem Rim received a few variants in 2022. Leica’s press release states that the front reads Leitz Wetzlar and includes a brass focus lock button. Because this button is brass and in black, it’s supposed to develop a patina that you’d see on something like a Lenny Kravitz edition Leica camera. Adding to the aesthetic are the engravings, which Leica worked to make as close to the original lens as possible.
Optically speaking, Leica is calling this lens the “True King of the Bokeh” in their press release. That title is often discussed on places like Blue Moon Camera and L Camera Forum. This comes from the fact that it offers a gorgeous image when shot wide open. When stopped down to f2.8, the sharpness is supposed to come into its own. This classic lens design has mostly disappeared since Zeiss introduced the 55mm f1.4 Otus lens. Since then, our culture has become obsessed with clinical sharpness and the idea of test charts instead of artistic photography.
But the new Leica 35mm f1.4 Steel Rim is a slap in the face to that philosophy. You could probably say that about all of Leica’s 35mm lenses. This one is limited to 200 pieces and will sell for $10,495. Considering how legendary this lens is, it’s bound to sell for much more.
The History Leica 35mm f1.4 Steel Rim
Originally introduced in 1961, the original 35mm f1.4 Steel Rim causes quite a bit of curiosity. “The 35mm f1.4 Summilux ‘Steel Rim’ is an exceedingly rare lens prized for its unique dual character,” says Gabriel Binder from Blue Moon Camera in an interview with the Phoblographer. “Wide open, it has a distinct ‘glow’ caused by lens flare and coma that creates a beautifully soft look for portraiture. Stopped down, it is a fine performer, even compared with modern optics.” Some photographers value that look; but others don’t.
“By today’s standard, it’s a low-performance lens,” says legendary camera gear reviewer Ken Rockwell to the Phoblographer in an interview, who also cites an article about it. “It’s sharp stopped down, while at f1.4, it’s loaded with vignetting and coma (blurriness) in the corners. It’s soft and dreamy at f1.4, not sharp and cutting like the modern lenses.” He continues to add that this is due to the design — which is double-gauss and was the best we had before we figured out how to make practical aspherical elements.
However, it’s not all that bad. Ken states that one of the biggest strengths of this lens is that it’s tiny — and, therefore, doesn’t block the EVF. For Leica photographers, this is a huge benefit. He’s not sure it’s a difficult lens to make, though. Instead, Ken believes that the effect is used more intentionally today when a photographer needs it.
This dual characteristic is what makes it so incredibly appealing, though. That’s coupled with what Gabriel describes the aesthetic as something of both a satin and matte finish. It also boasts an infinity lock tab — which not many Leica lenses have. Additionally, the original is made of solid brass, which is often considered the pinnacle of Leica’s build quality. “This is a lens that exudes class — the finish is superb, and each control adjusts with a Teutonic certainty,” Gabriel tells us. “The infinity lock can take some getting used to, but it does provide a tactile link to the peak era of Leica lens construction. Leica built only 7200 units of this lens, and far fewer survive today, making it one of the most desirable vintage Leica optics.” He continues to state that the re-issue lenses bring key components of this experience to a much larger, modern audience.
A previous version of this lens is on eBay. And the owner describes it as such:
Up for your consideration is this Legendary and Extremely Desirable Rare Leica 35mm f/1.4 Summilux-M “1st Version” #11870z E41 Steel Rim w/Ollux Lens Hood #12522. Made in Midland, Canada. This lens is in outstanding used condition. Circa: late 1960 and only very few units made that year, designed by the fame Leica lens designer Walter Mandler. 7 elements in 5 groups, 10 blades. Classic near-symmetrical double-Gauss design. Single coated in early purple/blue. lens comes with original rear cap, rare ollux lens hood and fitted in a Pelican case for total protection and humidity control. this rare Leica M-mount lens has a cult following! no fungus, no common haze, no dust or separation. very very clean! This is a very early coated version with Superior sharpness and “Bokeh” that will simply amaze you. working perfectly! Lens is in Excellent working order and aperture controls works smoothly, aperture blades are clean/dry with no oil. This is your chance to own one of the best Leica lenses ever made. Auctions results for similar examples have sold at for Unbelievable Prices and going up!!!
It’s evident that the look the Leica 35mm f1.4 Steel Rim will give photographers is a look that’s debated on. Everyone is bound to love the very small size of the lens. But lovers of Japanese lenses might prefer the more clinical appeal when shooting wide open. If they want the bloom and glow, they’d probably attach some Glimmer Glass or another filter we consider to be one of the best.
Sample Images
Some of the following sample images were provided by Leica and shot by Jonathan Slack. Many are featured on Thorsten Overgaard’s website.