The Voigtländer Heliar 40mm f/2.8 ASPH is a tiny brass M-mount and LTM pancake from Cosina, prized by collectors for its vintage styling and 40mm framing.
Voigtländer Heliar 40mm f/2.8 ASPH
M / LTM mount
The Voigtländer Heliar 40mm f/2.8 ASPH is a M / LTM-mount lens for Leica rangefinder cameras. As of August 2026, it sells from €378 used across 6 listings, with a 30-day median of €465. Leica price index →
How it compares
Measured against the 12 other 40mm lenses in the catalogue.
Specification
About this lens
Voigtländer Heliar 40mm f/2.8 ASPH
Cosina revived the historic Heliar name for one of the smallest rangefinder lenses in its modern Voigtländer catalogue, a brass pancake built around the unusual 40mm focal length. Announced in February 2022 and reaching dealers that spring, it was offered for both the Voigtländer VM (Leica M) bayonet and the older L39 screw thread, addressing a focal length that few manufacturers still support [1][2]. The 40mm angle of view has always sat at the margins of the rangefinder world, since only a handful of bodies such as the Leica CL, Minolta CLE and Cosina's own Bessa R3 series carry native 40mm framelines, which is part of why the lens attracts a specific, knowledgeable audience rather than a mass one [3][4].
The optical formula is deliberately simple: five elements in three groups, with a single aspherical surface that Cosina credits for keeping performance respectable from maximum aperture. The body is machined from brass and the styling references the look of much older Voigtländer optics, with an all-metal exterior, a 10-blade diaphragm and a tiny 34mm filter thread. Handling is its most discussed trait. The entire front section rotates during focusing, carrying the aperture ring and filter thread with it, so changing aperture can also nudge focus and many users set the aperture first. Because the barrel turns through a wide arc from the 0.7 m close limit to infinity, two aperture scales are engraved so that one remains visible at most distances, and a spring-loaded infinity lock doubles as a focus tab. Reviewers note the lens is rangefinder coupled, usually well calibrated out of the box, and so compact that it causes almost no viewfinder blockage. A screw-in metal hood and a metal front cap are supplied.
The lens was produced in silver and black paint, each available in both VM and LTM/M39 mounts. Cosina states that the black paint version uses nickel-plated accents on the focus lock, focus lever and the distance stoppers. There has also been a closely related retractable version sold for Sony E that carries an M-mount bayonet but requires a close-focus adapter and cannot be focused on a true M body. The lens is not six-bit coded, and Cosina has noted that the black finish in particular is not detected by bodies that read the six-bit code.
Optical qualities
Rendering Within its modest specification the Heliar 40mm renders cleanly, with strong color and good central sharpness once stopped down slightly. It is a moderate lens rather than a fast portrait optic, so the 40mm focal length, f/2.8 aperture and 0.7 m close limit combine to give only limited background separation.
Sharpness Independent testing describes the centre as a little soft wide open at f/2.8, gaining noticeable contrast by f/4, while a midzone dip and weak extreme corners persist until roughly f/8 to f/11.
Flare resistance Like other recent Voigtländer lenses it resists ghosting well, though one tester observed some unusual veiling flare and slightly frayed sunstar rays, possibly related to the very short barrel.
Distortion and vignetting Distortion is low and correctable with available software profiles, but vignetting is heavy for the class at close to 3 EV wide open, easing to around 1 EV stopped down.
Aberrations Lateral chromatic aberration is minor, while longitudinal CA produces fairly visible bokeh fringing at f/2.8; purple fringing is generally not a problem.
Collector and user notes Opinion on the lens divides along ergonomic lines. Some users find the rotating front and infinity lock charmingly vintage, while others find adjusting aperture awkward because the connected focus ring tends to move with it.
History
Development and Launch Cosina presented the Heliar 40mm f/2.8 Aspherical in February 2022 as a compact, lightweight semi-wide rangefinder lens, with availability from March 2022. The reuse of the Heliar name and the period-style exterior tie the lens to Voigtländer's long optical heritage, now carried under the brand by Cosina. At launch the silver edition was priced around 68,000 yen and the black paint edition around 71,000 yen.
Special editions No major military, export or rare factory variants are widely documented. The main catalogued variations are the silver and black paint finishes, each in VM and LTM/M39 mounts, plus a separate retractable Sony E version intended for mirrorless use.
Collector Notes Buyers should confirm the mount, since both M and screw versions exist and look similar, and should expect the rotating barrel and infinity lock as normal behavior rather than a fault. The lens is not six-bit coded, so M bodies will not auto-identify it. Worth verifying before purchase are the matching metal screw-in hood and metal front cap, which are finish-specific to the black or silver version. One small discrepancy worth noting: published third-party measurements list slightly different figures for length and weight than the values recorded here, which is common with compact lenses measured with or without caps and hood.
Sources
- PetaPixel. Cosina Unveils Voigtlander Heliar 40mm f/2.8 for L39 and VM-Mountpetapixel.com →
- B&H Photo Video. Voigtlander Heliar 40mm f/2.8 Aspherical Lens (Black)bhphotovideo.com →
- phillipreeve.net (BastianK). Review: Voigtländer VM 40mm 2.8 Heliarphillipreeve.net →
- Macfilos (Joerg-Peter Rau). The M Files (19): Voigtländer Bessa R3M with Voigtländer Heliar 40/2.8macfilos.com →
Where to buy
Prices for Voigtländer Heliar 40mm f/2.8 ASPH
Good time to buy. The lowest listing is 19% below the 30-day average.
Lowest price Click a mark to open that listing · arrow keys to step, Enter to open
Price against condition for 6 listings of Voigtländer Heliar 40mm f/2.8 ASPH, €378 to €593, median €519. New: 4 at €431, €573, €579, €593. Good: 1 at €465. Unknown: 1 at €378. The full table follows.
| Condition | Lowest | Median |
|---|---|---|
| New | €431 | €576 |
| Good | €465 | €465 |
| Other | €378 | €378 |
Price history
Over the last 12 weeks the median price for the Voigtländer Heliar 40mm f/2.8 ASPH has fallen, ranging from €459 to €542 (now €465).
Weekly price (EUR). Median (Good or better) and lowest (Good or better) across 12 weeks. The full figures follow in the table below.
The figures behind this chart
| Week | Median | Lowest |
|---|---|---|
| Jun 1, 2026 | €545 | €539 |
| Jun 8, 2026 | €545 | €539 |
| Jun 15, 2026 | €545 | €539 |
| Jun 22, 2026 | €545 | €539 |
| Jun 29, 2026 | €545 | €539 |
| Jul 6, 2026 | €546 | €347 |
| Jul 13, 2026 | €544 | €346 |
| Jul 20, 2026 | €565 | €452 |
| Jul 27, 2026 | €569 | €452 |
| Aug 3, 2026 | €570 | €458 |
| Aug 10, 2026 | €550 | €350 |
| Aug 17, 2026 | €573 | €431 |
What these condition grades mean
Every shop grades differently. Leica Classic uses letters, Ffordes uses E++ and E+, German dealers write "Zustand B", Japanese dealers write A−. We map all of them onto the one ladder below. Where a shop states its own grade, we print it under ours.
- New
- Unused, sold as current stock.Usually the maker's own store or a dealer's new inventory.
- Mint
- Used, but with no wear we can see described.Leica Classic A · Ffordes M
- Excellent
- Light wear, glass reported clean.Leica Classic A− and A/B · Ffordes E++ and E+ · Japanese A−
- Good
- Visible wear from use, optics reported sound.Leica Classic B · "Zustand B"
- Fair
- Heavy cosmetic wear, or a stated optical fault such as haze, fungus or cleaning marks.Leica Classic B−
- Heavily used
- Works, but wear or a fault affects using it.Leica Classic C
- For parts
- Not usable as sold.Leica Classic C− and D
- Unknown
- The listing said nothing we could grade. We show the seller's own words instead of guessing.
Voigtländer Heliar 40mm f/2.8 ASPH: frequently asked
How much does the Voigtländer Heliar 40mm f/2.8 ASPH cost?
As of August 2026, the Voigtländer Heliar 40mm f/2.8 ASPH sells from €378 used, with a 30-day median of €465, across 6 active listings.
Where can I buy a Voigtländer Heliar 40mm f/2.8 ASPH?
As of August 2026, the Voigtländer Heliar 40mm f/2.8 ASPH is sold by 3 sources (6 listings), from €378 used: all compared cheapest-first on this page.






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