The One Millionth Leica M3 Chrome made $947,800 at Westerlicht Photographica Auction in Vienna, Austria on November 23.
The camera was estimated to sell for up to $672,100, a figure that it went on to exceed by 41%.
Designer Willi Stein presented the camera, which features the serial number 1.000.000, to the project's chief engineer Dr Ludwig Leitz.
Both men were responsible for many of the innovations that led to the M3 becoming one of the world's most successful production cameras - selling over 220,000 units between 1954 and 1967.
Even today, it is regarded as one of the best 35mm cameras ever produced.
A Leica Model C Luxus was another notable lot at the sale, hammering for $568,680 - up 111.5% against a $268,840 high estimate.
The camera features gold-plated parts and a faux lizard leather cover that has never been restored - with the result that it retains its original patina.
Only 95 Luxus cameras were produced between 1929 and 1931, with few surviving to the present day - making it one of the world's most desirable.
In recent years they have seen a significant rise in value, with a Luxus I achieving a price of $962,518 at an auction at Bonhams Hong Kong last year - an increase of 314.4% on a $232,247 estimate.
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Images: Westerlicht Photographica Auction