I know everyone has had great fun with this topic, but seriously, there is a right way and a wrong way to store lenses, and great harm can come to both the lens and the lens operator should some basic tenets of lens etiquette be ignored.
If you are using “L†glass, they of course must ALWAYS face left (what the hell to do you think “L†means, anyway). This is the main reason that backpack camera bags have become so popular with Canon owners, because you would have a hard time putting a backpack on in an inverted manner, with the sides reversed so that left was right, right?.
Sigma lenses on the other hand, can cause a quandary, since as everyone knows, the literal translation of the Greek word Sigma is “southbound†or more generally, “southwardâ€. As you would imagine, these lenses must always be carried with the “Sigma†logo southward, or must be moving in a southward direction. Ignoring this requirement can result in your “f†stopping. The only way to get an “f†started once it is stopped is of course to “push†a few hundred units of ISO while gradually increasing shutter speed in half-step increments.
Some other lenses, such as Tokina and Tamron and a handful of other Asian manufactured wanna-be’s follow a more enlightened path, and allow you to select their orientation based on which side of the Pacific Ocean you happen to be on at the time. In the “West†or the Americas, they generally prefer to be oriented Eastward, so as to face the rising sun, but avoid the concentrated rays of the setting sun, which as everyone knows, lands somewhere in the ocean off the coast of California, resulting in some spectacular imaging opportunities for coastal dwellers, but damaging bursts of steam and gases that can harm un-sealed lenses.
Exceptions to this Eastward orientation are times of total eclipse, when of course it is mandatory that ALL lenses must be turned to the heavens, and days of total occlusion, when the fog precludes one from actually determining the direction of the setting sun.
When on the continents West of the Pacific, these lenses must maintain a Westward orientation, so as to avoid spilling out their stored enlightenment when the sun passes overhead and leaves them in a state of luminous discharge.
Some specialized lenses, in particular the fisheye and ultra-wide angle variety, may be stored facing nearly any direction, as their angle-of-view enables them to capture the necessary life-giving rays of light from extreme angles and in conditions that would leave lesser lenses starved for exposure.
Deviation from these basic lens orientation guidelines are at your own risk, and may result in potentially harmful situations. In one extreme case, a California boy stored ALL of his lenses facing DOWN under his bed, and was eventually vaporized when the cumulative vacuum created by the draining lenses sucked him into his camera bag as he slept.