The case of the Six-20 Kodak A camera is inscribed "the property of the Otago Daily Times Dunedin."
According to the Kodak website, the camera was produced in London between 1951 and 1955.
Mr Mitchell said he bought it because of "the condition it was in and because of the historic value. I've always had a thing for cameras ... I paid about $60 or $65 for it."
The camera still had a film in it when he bought it so Mr Mitchell got it developed, but only two photos, both landscapes, came out.
The auction was to sell all the stock from the Matakanui General Store and Mr Mitchell said there "was an incredible amount of stuff, some dating back to the '30s." The inside of the case is also inscribed "Mrs T Duggan Matakanui".
Jenny Collier, granddaughter of the Duggans, said her grandmother Barbara and grandfather Ted owned the Matakanui General Store but she did not know how or why the camera came into Mrs Duggan's possession.