Leica, the renowned German camera manufacturer, has an admirable reputation when it comes to shattering world records. At the recently concluded 32nd WestLicht camera auction in Vienna, for instance, a 1923 Leica 0-series no. 122 became the most expensive camera ever sold at auction, after being bought by an Asia-based private collector for a staggering US$2.95 million.

Perhaps predictably, the previous world record was also held by a Leica 0-series camera, one that sold for $1.5million in 2011 and was then resold for $2.6 million in 2012. With just 31 of this particular model ever made, it is understandably viewed as something of a Holy Grail among photography enthusiasts.

What makes it even more sought-after is the fact that each handcrafted model is considered to be among the most successful compact camera prototypes ever made. They also featured the first practical application of the 35mm film recorder, an innovation that subsequently became the global standard. It’s hard to imagine today’s range of mass-market smartphones, no matter how highly-specced their inbuilt cameras, ever attracting such a boundary breaking bid.