'We've got 12 months of orders' — Ricoh's niche black and white-only compact is a hit, despite the price hike

I attended The Photography Show 2026 this week, the 'UK's leading event for any photographer, filmmaker & content creator', and I had the chance to stop by the Ricoh stand, where I got my first look at the Ricoh GR IV Monochrome.

It's a premium compact camera that couldn't be more niche, shooting photos and video in black and white only, through a fixed 28mm f/2.8 lens and 26MP APS-C sensor.

Nevertheless, having already reviewed the Ricoh GR IV, which enables you to shoot in color and monochrome, but is otherwise the same camera, and concluded that it delivers the best image quality you can get from a truly pocketable camera, I was keen to try the Monochrome version — until I saw the price.

The Ricoh GR IV costs $1,499 / £1,199 / AU$2,199 (up from 2019's GR III by around 20%), whereas the GR IV Monochrome, with its optimized sensor and red filter, costs $2,199 / £1,599 / AU$3,249. True, a limited production run will always result in a premium price, but that price difference stings, especially if you're in the US.

However, that price hike for the niche version of an already niche camera hasn't seemed to have put people off. I spoke with Ricoh's Marketing Manager for EMEA, Adrien Uden, at the Ricoh stand, and he told me "we've got 12 months of orders".

That's right — if you're in Europe, the Middle East or Africa, and haven't pre-ordered a Ricoh GR IV Monochrome yet, you potentially face a year-long wait to get your hands on one.

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The curious case of premium compact cameras

2026 has been a quiet year so far for new cameras, save for the Fujifilm Instax Mini Evo Cinema and Ricoh GR IV Monochrome. They're two incredibly niche compact cameras, but both are sold out in many regions.

We've seen such situations before; the Fujifilm X100VI broke pre-order records, and remains a popular premium compact two years after its launch.

And here we are once more with the GR IV Monochrome, which comes hot off the heels of the even pricier Leica Q3 Monochrom. It's Ricoh's first black and white-only GR compact, and it seems there's no price too great to deter fans, many of whom no doubt see it as the ultimate street photography camera.

For me, its optimized quality for black-and-white photography is desirable. However, it's a camera that I'lI likely let pass me by at this price, though I'm still tempted to add the regular GR IV to my GR IIIX as an everyday carry.

What about you? Are you in the GR IV Monochrome queue? Is a camera that's optimized for black and white photography worth the extra cost? Let me know in the comments below.

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The best compact cameras

➡️ Read our full best compact cameras guide
1. Best overall
Fujifilm X100VI
2. Best with zoom
Sony RX100 Mark VII
3. Best small
Ricoh GR IIIx
4. Best full-frame
Leica Q3