The world of Lego knows no boundaries; from the cute SpongeBob SquarePants and Bob The Builder themes to the dark Star Wars and Harry Potter sets. Some people buy the sets and wait for the prices to rise, others buy them to play and create elaborate scenes. Me, I’m stick in the middle. I am not just a collector but I am a full fledged Lego junkie. I buy in bulk, the Lego customer service girls know me by name and clerks at toy stores call me when they have new shipments arrive or sets going on clearance. If you are thinking about collecting Lego sets, here are some things to keep in mind.
1. To Sell or To Save. If you are going to start collecting Lego sets are you doing it to make a profit or to have fun? If you are going for profit you are going to want to know as much as possible about the sets and series that have been released, average selling prices, which sets fetch the most money and which sets are scheduled to be re-released.
2. Know Your Target Market. Over 55% of the Lego sets sold are purchased by adults for adults. That might sound a little over the top but collecting Lego has always been a popular pastime, even more so when they introduced the Star Wars, Harry Potter and other cross marketing sets. A Star Wars Lego Speeder set that originally sold for $5.99 now sells for over $10.00 but the much sought after Millennium Falcon priced at over one hundred dollars hasn’t increased all that much over time because there are still plenty of them on the market.
3. Sets & Series. Each Lego product has a unique set number associated with it. That is something that is used to reference the set as a universal identification. Sets released in the United States may have a slightly different name than those released in Europe or Japan but the set numbers are all the same. There are even sets that are identical in name but have different set numbers; those are usually promotional sets released with other Lego items or as part of a cross marketing promotion. This is why it is critical to know not just the names and years they were released but other names and promotional set numbers and packaging methods that were used.
4. Brick Brokers. Ever needed a part for your car and no one seemed to have it in stock? The same thing happens when you are building a Lego scene and are missing a few pieces or you want to add something different to it. There are a plethora of brick brokers that sell individual pieces and figures. So if you want to build an army of Stormtroopers or have tons of skeletons attacking your castle, you can buy them from a broker for a lot less than it would cost to amass them from sets. You can find reputable brokers on any of the number of Lego message boards and fan sites, just be sure to read feedback about them and keep track of what you have ordered and what you have received as some ship orders in segments when pieces are available.
5. The Foreign Market. I’ve already covered set numbers and names so now it’s time to tackle the foreign market. Collectors in the United States are usually willing to pay more for a set released in another country if there are any differences in the name of the set or how it is packaged (bagged or boxed). A great example of this is the Gray Ninja, set numbers 3019 and 1178. One was released in the United States as a boxed set, the other in Japan and then in the USA. The ones in Japan had Japanese wording on the front as well as on the instruction sheet. When they were sold on eBay they cost three to four times what the American ones went for. Educating yourself about set name variations, when things were released and which ones have increased in price will increase your overall profit.
6. The Auction Block. Places like eBay are great if you want to try to start or finish a collection but beware, there are some very shady sellers there. They will misrepresent sets, omit set numbers, claim they are “mint in box” when they are opened or missing elements and try to make the set seem like it is worth more than it actually is. My experience has been mixed; I have received some excellent sets and have been ripped off. Generally if I find someone that has a lot of sets to sell I will bookmark them and check their offerings on a regular basis.
7. Think Outside The Box. There is more to Lego than just building sets. In the past five years they have branched out to include video games, colring books, clothing, watching, pens, toothbrushes, comic books, board games and even houseware items to their product catalog. Some of these are extremely popular and some are sitting on shelves collecting dust. Regardless of their popularity now, in ten years you are almost guaranteed to double or triple your investment price on anything that has the Lego logo on it.
8. Get The Magazine. You can sign up for a free subscription to the Lego Magazine free by visiting the Lego website. Not only will you be able to see the sets in color but you’ll get information about new sets, sale items and things that are being discontinued. They also have The Brickmaster package that gets you some nice Lego related goodies like Bionicle comics, Legoland tickets and exclusive Lego sets. This is a paid membership that is completely different from the free magazine subscription.
9. Hit The Sales. When a new series is being released most retail toy stores will drop the pieces on the sets that they have in stock to make room for the newer items. This is a great time to stock up on sets that might otherwise be too costly to collect. When KB Toys was getting rid of most of the Lego products I was getting ten dollars sets for two dollars, I could have turned around and made some very quick cash on them but I opted to open a few a stash the rest. Now they are selling for over fifteen dollars a set and the price is only going to keep going up as they are no longer in production.
10. Have Fun! I am a collector and Lego junkie. If I see something on sale I will buy every single set available; then I have to figure out how many I can open and how many I should save. If you are into Lego sets and themes then you know how hard it is to have a closet full of boxes and the temptation that exists to rip them all open. I never deny myself the pure pleasure of opening a rare set that I buy on eBay or come across at a small toy store. I am a Lego enthusiast first and a collector second.
