You don’t have to understand German; just watch the number at the top right of the screen, the one in “Euro.” At the 1M Euro mark, people in the audience turn to see who it is. You could place your bid by being present in the room or place it by phone. Eventually, the Leica camera was sold for 1.1M Euro which is equivalent to $1.9M using the conversion rate on the day of the sale.
According to AP, this Leica is the most expensive camera ever sold. The bid started at euro200,000 ($286,000) and eventually went to a private Asian collector.
I kind of seriously doubt modern-day Leicas will ever be worth that much in the future.