Introducing The Leica ZM 1 Gold Limited Edition (Exclusive Live Photos)

Just a couple of months after Leica announced the new ZM 11 model into its range of watches, the brand has officially launched the first limited edition model based on its original ZM 1 watch. The new model is the ZM 1 Gold Limited Edition, and it's a riff on the original ZM 1 (formerly the L1) that features an 18k red gold case and a matching brown gradient dial treatment. 

Limited to just 50 pieces, the Zm 1 Gold LE is a special creation for the brand's most ardent fans that retains the original ZM 1's functionality but changes up the case and dial for this warmer and more precious colorway. Where the standard model has a black dial, red accents, and a steel case, the ZM 1 Gold follows the Leica model for recreating an existing product in a special material, specifically gold and titanium (which is used for the movement container). 

The ZM 1 (which is the sister watch to the ZM 2 that I reviewed here, as the L2) is a 41mm watch that employs a custom movement from Lehmann Präzision to offer time, date, a power reserve, and a special function for controlling whether you're winding the power reserve or setting the time. That function is controlled via a red-capped button set into the crown at three. When you press the button, the movement stops, the seconds display snaps to zero, and you can turn the crown to set the time. 

The pusher above the crown advances the date, and there is a small aperture that is white when the watch is in winding mode (running) or red when the watch is in setting mode. Finally, with yet another camera-themed flourish, the ZM 1 has a power reserve that opens from the center, mimicking the blades of a camera shutter. 

The crown and pusher set are made of titanium, and the ZM 1 Gold LE comes on a brown alligator with a matching 18k rose gold deployant clasp with titanium pushers and a price tag of $28,000. 

The ZM 1 Gold Limited Edition is meant as a watch-based tribute to the IA Luxus, a camera that was introduced in 1929 and offered a gold and black colorway.  But from a watch product standpoint, I have to admit that while I was impressed by the ZM 1 and 2 when they were first released, I genuinely questioned how big the market was for a pair of Leica watches that cost as much or more than a well-equipped M11. Well, when I got to see the ZM 1 Gold Edition at Leica HQ a couple of months ago, I also got some numbers (and a plate of crow...)

As it turns out, Leica only produces about 500 units per year of the ZM 1 and ZM 2 combined, and 30% of that production is sold to non-Leica customers. This means folks who have not owned one of their cameras. This I find to be remarkable, and it also means that this LE represents about 10% of the annual production of the ZM 1 and 2 lineup. Talk about preaching to the choir. 

In the metal, precious even, the ZM 1 remains a watch that I find quite impressive. It's well made, carries the Leica design language, and manages to include a camera-related gimmick without feeling at all gimmicky. The case and dial are notable expressions of the design, especially for those Leica collectors who want something truly exclusive. Still, I can't say that the brown dial spoke to my tastes in any specific manner. I still prefer the ZM 2 in black and steel, largely due to its bezel-based GMT functionality.

I'm sure that the main point of contention will be the price point, but given the roughly $12,000 price tag of the steel ZM 1, I'm not surprised by the asking price from Leica for this gold and titanium LE. It's only 50 pieces, and I'm fairly certain this isn't the kind of product they are offering to anyone strolling in off the street. This is the sort of Leica product for which you are likely pre-qualified, and the appeal is wrapped up in the format and the exceedingly limited production. While I was in Wetzlar (again, the choir), I spoke to no less than two deep Leica collectors who were very excited to get their name on the list for a gold ZM 1. 

Given the success of the ZM 1 and 2 in the short time since they became available (since the spring of 2022) – not to mention the recent expansion of the Leica watch family via the new ZM 11 – the ZM 1 Gold LE feels like a straightforward move from Leica that will essentially function as a special offering for the brand's most active collectors. 

Brand: Leica
Model: ZM 1 Gold Limited Edition 

Diameter: 41mm
Thickness: 14.5mm
Lug-to-lug: 48mm
Case Material: 18K Red Gold
Dial Color: Aluminum with a gradient brown finish and with gold accents
Indexes: Gold-plated and diamond-cut indices
Water Resistance: 50 meters
Strap/Bracelet: Alligator leather with 18k rose gold deployant clasp

Caliber: Leica LH-1001
Functions: Hours, minutes, seconds, date, power reserve
Power Reserve: 60 hours
Winding: Manual
Frequency: 28,800 vph (4 Hz)
Jewels: 26
Additional Details: Crown pusher activates time-setting mode

Price: $28,000
Availability: Leica stores worldwide starting today.
Limited Edition: 50 pieces.