Collection LEGO Sets as Non-Financial Investment Asset: Profitability, Liquidity and Place in Private Investor Portfolio
https://doi.org/10.21686/2413-2829-2026-4-192-199
Abstract
The article studies economic characteristics of collection LEGO sets as non-financial investment asset. The empiric foundation was formed by data of BrickLink, eBay and Avito platform second market and results of quantitative study of profitability in 1987–2015. The average yearly nominal profitability of collection sets makes 11% (8% in real terms) and exceeds profitability of big shares, bonds and gold for the respective period. Pricing on second market depends on set rarity, license topic and physical characteristics. Hedonistic price analysis says that a set of the series withdrawn from production sells by 15.84% higher than similar positions of the lasting series; the rarity growth by 1% results in price rise by 0.63%; availability of mini-figures increases cost by 44%. LEGO shows weak correlation with traditional assets (bonds: from –0.13 to –0.16; shares: lower that 0.24), positive multifactor alpha 4–5% and Sharp coefficient 0.4. Features of Russian second market in conditions of restrictions of 2022 were studied. Research novelty lies in systematization of LEGO collection set estimation criteria as investment asset as applied to Russian market, where specific academic research had not been done yet.
About the Authors
Ya. I. Klimov
Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
Yaroslav I. Klimov, Assistant of the Department of Humanities of the Faculty of Social Sciences and Mass Communications
49/2 Leningradskiy Avenue, Moscow, 125167
N. M. Ershova
Plekhanov Russian University of Economics
Russian Federation
Russian Federation
Nadezhda M. Ershova, PhD, Associate Professor, Associate Professor of the Department of History and Philosophy of the PRUE
36 Stremyanny Lane, Moscow, 109992
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Review
For citations:
Klimov Ya.I., Ershova N.M. Collection LEGO Sets as Non-Financial Investment Asset: Profitability, Liquidity and Place in Private Investor Portfolio. Vestnik of the Plekhanov Russian University of Economics. 2026;23(4):192-199. (In Russ.) https://doi.org/10.21686/2413-2829-2026-4-192-199
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