VALUE JUDGMENT From the 19th-century daguerreotype walnut boxes to the sleek spy cameras of the 20th century, an increasing number of collectors are fascinated with the history of photographic equipment. Most aficionados actually want to be able to use their investments, so collectors usually consider condition above other factors. While auction houses hold regular sales of photographic ephemera, buyers may still make treasured finds at antique fairs.

The modern photography era began with the arrival of the first Kodak roll-film camera in 1888. George Eastman of Rochester, N.Y., was the first to figure out how to manufacture flexible roll film. Early Eastman Kodak cameras came preloaded for 100 exposures, but required an owner to send the camera back to the factory where workers developed the pictures, reloaded the camera and returned it. The process seems incredibly cumbersome in these days of instant digital photos, but was revolutionary at the time. Roughly 5,000 of these cameras were made, and a fair number have survived. They originally sold for $25, an astronomical sum at the time, and they now fetch around $3,000 in good condition.

Other collectors specialize in manufacturers such as New York–based E. & H.T. Anthony, one of the first U.S. camera companies, which started in the early 1840s and was still making cameras well into the 1950s. A number of other firms, including American Optical and Scovill, were centered in Rochester, which became the nexus of the U.S. camera industry, thanks to Eastman’s activities.

Many collectors buy these cameras intending to use them, making condition extremely important in the after-market. Museum-quality cameras are particularly prized. "In terms of value, that can be the highest driver," Pritchard says. "Quality, usability and rarity are the key drivers to pushing up prices." A good example is a rare prototype of a classic 1937 Compass camera that achieved a world auction record of $272,000 in January 2001.

Optical Allusions
Pritchard also sees growing interest in well-made, post-World War II Japanese cameras that are still usable. "Digital has a lot of advantages, but there are hardcore people who want to take control over their picture taking, and these are the best way of doing that," he says. Pritchard says that collectors especially prize 35mm and 120mm roll-film cameras manufactured by companies such as Nikon and Canon, as well as a variety of German manufacturers, such as Zeiss, that entered the market after the war. "The optics were absolutely superb," he says. "With those lenses, they often have qualities that are quite distinctive, perhaps not so perfect, but definitely more distinctive. In some ways, modern cameras are almost too perfect." The first Nikon, which dates from 1948, would sell for somewhere between $24,000 and $30,000 today.

"Photography allows us to record the human experience, and that has a significant impact on how we look at history."

Allen Weiner, a collector and dealer in New York for the past 30 years, collects the Nikon F, the first 35mm single-lens reflex camera, produced in 1959. "They started the whole SLR revolution," he says. "They took the market away from Leica, and it immediately became the favorite camera of the professional photographer." He counsels collectors to look for the first series of the Nikon F, of which about 1,000 were made.

Leicas, revered for their quality and usability, represent the strongest single sector among modern cameras because of their prestigious marque. Yet they remain relatively affordable and can be found in the $300 to $2,000 range. While only the rarest of Leicas fetch truly exceptional prices, according to Pritchard, a few examples manufactured in the 1980s could turn a tidy profit if sold today. Because so many were made and because Leica collectors generally expect to be able to use them, mechanical condition trumps cosmetic condition in the resale market. "It’s kind of the Rolls-Royce of cameras," Pritchard says. "There are a lot of enthusiastic collectors, and the company has published a lot of documentation on its history." A Leica M3 purchased for $500 to $600 20 years ago is worth $1,400 to $1,600 today.