The Ultimate Guide to Collectable LEGO sets
Posted by Huw,
The Ultimate Guide to Collectable LEGO sets, Identification and Price Guide is a paperback book that's just been published by Krause Books who specialise in collector guides. It's written by brothers Ed and Jeff Maciorowski who run the excellent LEGO investing site BrickPicker.com.
To many, the practice of investing in LEGO hoping to make a quick buck is frowned upon but there's no doubt that it's a growing phenomenon, fuelled by articles in the popular press like this one. The popularity of BrickPicker, currently the third most visited LEGO fan website, is also testament to this.
On first sight then, this book might seem like something such detractors do not want to see published, fearing it will fuel the phenomenon further. However, I bet there isn't a single one of us here that hasn't wondered how much our collection is worth at some point or other.
You might also be thinking that the book can't be much more than pages and pages of prices, values and growth rates. Well, yes, they are present, but occupy just 20% of the book: there's so much more to it than that...
The bulk of the book, 200-pages or so, is occupied by the 'identification' part of it where several hundred sets are discussed, illustrated with original photographs of the models. They tend to be those of most interest to collectors and investors, so advanced models and Star Wars account for many of them. What I particularly like about this section is that the authors often explain why the sets have increased in value, which is sometimes obvious to those close to the hobby, but not always. Why the ugly 10187 VW Beetle that I have languishing in the back of my MISB set storage cupboard is worth $800 nowadays remains a mystery to me, however...
The depth of information and insight in the front section of the book makes it so much more than a price guide: it's a celebration of great LEGO sets, but rather than them being chosen for their 'coolness' as those in the recent DK book 'Great LEGO Sets' were, they've been picked for their value, or rather, their increase in value.
Fifty pages at the back contain the actual price guide which shows new and used prices, and growth rate compared to retail prices for around 2000 sets. The data here will be as accurate as any available because Jeff uses data from eBay and BrickLink to collate it. Of course it will go out of date, but then that's what BrickPicker is for...
So who's the book written for? I would say those who are interested in investing or collecting LEGO who are probably new to the LEGO scene. To that audience it's great resource and probably a bit of an eye-opener.
If you don't fit into that category you might think it's not likely to interest you. But I urge you to think again: it's so much more than a dry investment guide. The bulk of it is packed with well researched information and insight about our favourite sets and I doubt there will be anyone who flicks through it who doesn't exclaim "I've got that set!... it's worth how much??!" at least once!
It's hot off the presses and is available from Amazon.com
Many thanks to Jeff for sending me a review copy. Look out for DrDave's take on the book at his blog GimmeLEGO in due course.
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28 comments on this article
As lucrative as the buying/reselling market is for LEGO, I doubt I could ever be a part of it. Can only speak for myself of course, but I don't think I could get past the guilt of "overcharging" a fellow LEGO lover for something hard to find. Plus I highly doubt I'd be able to part with a set once I owned it- I'm more a "I'm sure I can find a use for this set" kind of person.
But hey, if you are able to get in on this, more power to you.
Speculating on the price of Lego is a highly risky form of investment that directly harms collectors by inflating prices. Of course we don't like it or further attempts at increasing prices. Its extremely unwelcome greed that is going to cost me hundreds of pounds.
The flip side being if Lego react and sell high priced sets speculators arent really harmful. if that happens collectors are happy and only some gullible people lose out on their, 'investment'. Here's hoping toy shop is the beginning.
This happened to comics collector some 10 years ago.. It will kill the market. At the end there will be a slump of legos..
http://www.bloomberg.com/bw/articles/2013-10-30/those-comics-in-your-basement-probably-worthless
I agree. It is pretty despicable when people make it so inflated that people who actually Love LEGO aren't able to obtain their prized set for their collections.
I am one of those people who can't part with the set once I own it. U have many double sets MISB and all I see are parts that I can use to moc. I can see making a small profit reselling sets but some prices are waaaaay out of control. All in need in life is a green grocer and cafe corner but I refuse to spend over 1000 on each set. I'm hoping they re-release these.
I like how they included information other than just sets and values. Being a reseller myself for a few years now, I have learned the values of a great many sets, so that part of the book holds no value to me. The current selling price for sets varies constantly, so you still have to do your research before selling a set.
However, I have always wondered just why a set would go up in value so much. I think this is a book I'm going to have to get.
@ Curious.
Well, the Toy Shop isn't the first- it is well known that LEGO likes fighting the secondhand market. However, it just isn't feasible to re-release every set that is going for more than RRP on reselling sites.
1. Anybody can buy sets when they are produced.
2. When production ends, the more people bought for investment the lower are the prices after retirement.
Therefore investors increase availability of sets and reduce post-retirement price. Also collectors can justify spending more money on collection since they can sell it when they are in financial troubles, e.g. savings in alternative assets. Nothing wrong in this. EC101.
"To many, the practice of investing in LEGO hoping to make a quick buck is frowned upon"
Holding on to a set for years is not a "quick buck".
"...that people who actually Love LEGO aren't able to obtain their prized set for their collections."
This is not the fault of speculators, as only a small percentage of sets are sold to speculators. Rare sets are rare because of popularity, and because of Lego's production policies.
The book looks great. Always fun to look at great Lego sets and read about them!
As for the secondary market, I have mixed feelings on this. I would love to own a Cafe Corner (and a whoooole bunch of others) but would never be able to afford them at current secondary market prices. However, they are actually selling at those prices and as long as they get sold, the price will remain high.
On the other hand, I have sold on sets with mark up and it a way to sustain the hobby...
On a more positive note, their affiliate site Brick Classifieds charge zero commission so theoretically you should be able to get the best aftermarket prices there.
I totally agree with what Starik said, I couldn't part with my sets once I've owned them. The book looks fun though, even if you're not interested in re-selling.
"Therefore investors increase availability of sets and reduce post-retirement price."
This trivial fact is rarely appreciated.
Many appear to prefer "low prices and no availability" (like in the former communist block) over "high prices and high availability".
collectible
https://brendanscott.wordpress.com/2013/02/21/collectable-v-collectible/
This looks like great work. We have produced multiple price guides about Brass Model Trains, so I know what type of mammoth undertaking this is. Its like eating a whole Rhinoceros, it seems impossible, and part way through you want to give up, you just have to keep chewing.
Anyhow, I STRONGLY disagree that a book like this will damage the market or create a bubble. A price guide allows new collectors to feel comfortable when purchasing past sets, and knowing if they are getting a 'fair deal'. I have never seen any collectible grow to its full potential without good material to educate the potential collectors.
The comic book comparison is not fair. That would be a good debate, but its different on so many levels, and lets not forget that while many comic books are fodder, some of the classic issues are trading at all time highs.
Kudos to the creator of this book, I'll by one if for no other reason than to support their superb efforts!
I also want to add often times these guides are a 'labor of love' more than anything. This is not a 'get rich quick' thing. And I really hope they can follow this up with additional books produced at reasonable intervals as that really seems to help steady the market.
@CCC, maybe, but not always.
"I wouldn't worry. Chances are you are overcharging an investor rather than a lego fan if you are selling older sealed sets."
I have bought Town Hall, Fire Brigage, Grand Emporium, Haunted House, Unimog, 41999, some of the larger Indiana Jones sets, plus a bunch of others, all sealed, in the last year.
All are now open and built.
@bok2 that's a fair point.
If someone is happy to pay the asking price, then what's the problem?
@danstraindept
I think the point the article posted by rezzza is trying to make is that the ends of the bell curve are the survivors that actually retain any worthwhile value. Which for just about any collectable tends to hold true. The most famous or most rare tend to float to the top and the rest sink. However, where Lego is different is the issue of actual value vs collectable value.
All things have some amount of actual value, but comics, being a very small packet of paper, have VERY little actual value from almost any perspective. Paper is abundant and renewable. Further, now that comics have entered the digital age, their value as things to be read has understandably plummeted. You can absorb the information from a comic without actually owning it, but you cannot build a Lego set without owning the bricks. So Lego is different merely for the fact that you can't use the product any other way than what was intended. It can be counterfeited, sure, but you can't build or play with Legos without actually holding them in front of yourself.
For that reason, the actual value of Legos will never completely reach zero. It can still be compared to comics in terms of economic bubbles and investment crazes and so on. But it is important to acknowledge the inherent difference in needing to own the item.
@Huw
That was a cute read. The scary thing is, I don't even get a choice in the matter! Spelling auto-correct tells me collectAble is wrong, now!
Looks like a more interesting book than DK's Great Lego Sets.
@DanRSL: turn off spell-check and auto-correct and trust what you learnt in school ;-)
Oh, and you _can_ build a Lego set without owning the bricks: https://www.pley.com/
@Huw the book's own cover shows the "Collectible" spelling. I know it's not that relevant to the news story. Sorry. :)
I know, but I deliberately used the spelling I prefer...
If you want to make money with LEGO, design cool MOCs and sell them. The buyers will pay extra for the design, which only needs to be done once. The difference between the part cost and the built product is your profit.
Oops hold on TLG does just this.
I sell old sets that I haven't had the time/space to build or ones that I've "retired" to make space for new sets. I personally don't see a problem with the second-hand market; it's pretty much what funds my Lego passion in the first place.
Lego not just toys anymore but also an investment. I wonder if TLG already put this idea in order to increase their sales.
What annoy me the most about hoarder/reseller is that they will buy ALL the discounted/limited/special set in the morning and then sell them online in the afternoon. Buying limitation is useless because they will bring their family/friends to buy them. For example valentine dinner set is sell for $12 in lego certified store in my town are sold out quickly and came out online for S15. Even though the store stock it every morning, it takes a month to make it is available for normal buyer. Either the reseller have enough quantity or can't sell it online anymore. When painting easter set came out, it sell for $15.50, nobody hoard them since the price is high. Same thing happens with trick or treat halloween set which sell for $17. Since I'm a collector, I prefer "high prices and high availability" :p
For Toy Shop, I think TLG is testing the market. Because it will discourage people to buy "retired set" (emptying TLG old stocks in warehouses) when people know that TLG will re-release them someday.
Hey, comics are (were) entirely different matter than bricks. There are constant rereleases and many people buy just these. And what is more, the bubble burst exclusively because of publishers. They started to release series after series in the late 1990's, with enormous quantites of first issues printed. They simply flooded the market with their pseudo-collectable items.
As long as Lego sticks to their "no-rereleases and only limited quantities" policy, everyone's safe: collectors, investors and sellers. And TLG themselves.
Is there a way to code in the average price sold or average price listed on Bricklink into individual product listings on Brickset so that the "my sets" feature can total your collection for you? Or maybe a field where you put in the price you paid for a set and Bricksets "my sets" will calculate that total...
Yeah, legos and paper are two different things. But its nice to see how far can lego fetch. Having bought 2 sets of lego for each of my favourite. 1 for play with the kids and another just for the future.