The high-end price tag has been applied by independent gadget dealership Unlocked Mobiles, which has the 41-megapixel camera phone up for pre-order.
Expect other online phone-floggers to match or better that price, and the uber-snapper will be available on contract too, of course -- but I wouldn't expect it free on anything less than around £30 per month.
£550 marks the 1020 as a rival to the very best other mobile makers have to offer: the HTC One, the Samsung Galaxy S4 and the iPhone 5 are all around the £500 mark, and have been around for a few months at least.
So is the new Lumia worthy of being one of the most expensive phones around? It's certainly Nokia's most exciting new device in years, with a ferocious commitment to being the greatest camera phone ever. Whether it achieves its lofty aspirations we'll have to see when we get a chance to properly review the thing here in the UK.
From what we've already seen, it's a genuine attempt to make a new kind of camera, one that's suited to life in your pocket. There's loads of lovely features we've rarely, if ever, seen on a phone before, such as two flashes for different light conditions and mechanical image stabilisation. Its Pro Camera software is packed full of features too, making it easy to make interesting, unusual images in seconds.
Would you shell out £550 for the Lumia 1020? Are you sold on all the camera features? Illuminate the comments with your thoughts, or paint a picture on our Facebook page.