The case for LEGO as an asset class was made long before we existed, in peer-reviewed academic studies and coverage by Bloomberg, The Guardian and others. Every source on this page is independent, and linked in full.
Indexed to 1.00 in 1987. Drawn from the Dobrynskaya and Kishilova study featured below.
* Based on indexed performance (1987 = 1.00). This comparison is based on the most recent large-scale professional study of LEGO resale performance, which examined market data from 1987 to 2015. Past performance does not guarantee future results.
HSE University · Published in Research in International Business and Finance (Elsevier)
The most comprehensive academic study on LEGO investing, written by university economists Victoria Dobrynskaya and Julia Kishilova and published in a leading peer-reviewed finance journal. Analysing the price appreciation of over 2,300 LEGO sets from 1987 to 2015, the research found average annual returns of 11%, outperforming gold, stocks and bonds.
A six-minute WSJ report on the booming market in sealed LEGO sets, featuring Victoria Dobrynskaya, author of the university study above.
Media Coverage
Bloomberg's in-depth coverage of LEGO investing trend among institutional investors and high-net-worth individuals seeking alternative assets.
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Fortune's coverage of the university research finding LEGO returned at least 11% annually between 1987 and 2015, outperforming large stocks, bonds and gold.
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Analysis revealing that LEGO sets have achieved better returns than traditional safe-haven investments like gold, with some sets appreciating by more than 600% annually.
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CNBC reports that LEGO sets have appreciated by around 12% a year since 2000, outperforming gold, with some sets reselling for as much as 36% above retail within a year of release.
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NPR reports average annual secondary-market returns of around 11% on unopened LEGO sets, above gold, while noting the wide range of outcomes: some sets gained several hundred per cent while others lost value.
Read ArticleLEGO produces each set for a limited period before permanently retiring it. While a set is still in production, supply is plentiful and prices generally remain at or below retail.
Once production ends, no new units enter the market, and sealed, undamaged sets become progressively scarce. As demand continues from collectors, adult enthusiasts, and new entrants discovering the theme over time, scarcity naturally pushes prices upward.
Historical analyses of the secondary market show retired sets consistently appreciating over extended holding periods, in some cases rising to many tens of times their original retail price. The research above sets out the numbers.