Rare barbie dolls, superhero action figures and model car or train sets are among other collectors’ items that could yield high returns, researchers said.
The most expensive Lego sets include the Millennium Falcon, Death Star II and Imperial Star Destroyer from Star Wars, as well as the Taj Mahal.
The experts examined the prices of 2,322 Lego sets from 1987 to 2015.
Factors such as limited production run, special editions and scarcity in the second hand market have caused prices to skyrocket over the years.
Victoria Dobrynskaya, an associate professor at the Faculty of Economic Sciences at HSE, said: “We are used to thinking that people buy such items as jewellery, antiques or artworks as an investment.
“However, there are other options, such as collectable toys. Tens of thousands of deals are made on the secondary Lego market.”
She said: “Even taking into account the small prices of most sets, this is a huge market that is not well known by traditional investors.”
“Sets produced 20-30 years ago make Lego fans nostalgic, and prices for them go through the roof,” Dobrynskaya added. “But despite the high profitability of Lego sets on the secondary market in general, not all sets are equally successful.
“One must be a real Lego fan to sort out the market nuances and see the investment potential in a particular set.”