LEGO Gandalf the Grey™ & Balrog™ 40631-1
LEGO Gandalf the Grey™ & Balrog™ (40631-1) is worth about $45 on the secondary market today, against a $20 retail price. It has 348 pieces, belongs to the Lord of the Rings theme and was released in 2023.
Relive an epic scene in LEGO® BrickHeadz™ style!
- Set number
- 40631-1
- Theme
- Lord of the Rings
- Subtheme
- The Lord of the Rings
- Year
- 2023
- Pieces
- 348
- Minifigures
- 0
- RRP
- $20
- Market value
- $45
- Used value
- $21
- Released
- 2023
- Retirement
- Retired in 2024
Gandalf the Grey™ & Balrog™ value by year
From $18 in 2021 to $45 in 2026 so far: +150%. Its highest year was 2026, at $45.
| Year | Value | Change |
|---|---|---|
| 2026 (so far) | $45 | +37.4% |
| 2025 | $33 | +81.8% |
| 2024 | $18 | +0.0% |
| 2023 | $18 | +0.0% |
| 2022 | $18 | +0.0% |
| 2021 | $18 | — |
Median of each year's market prices, sealed, in US dollars.
Frequently asked questions
How much is LEGO Gandalf the Grey™ & Balrog™ (40631-1) worth?
LEGO Gandalf the Grey™ & Balrog™ is worth approximately $45 on the secondary market today, based on current listings and completed sales. BrickStats updates this value daily.
Is LEGO Gandalf the Grey™ & Balrog™ retired?
Yes — Gandalf the Grey™ & Balrog™ (40631-1) has been retired by LEGO and is no longer in production. Retired sets have fixed supply, which is why their prices are driven purely by the resale market.
Has LEGO Gandalf the Grey™ & Balrog™ gone up in value?
Yes. Gandalf the Grey™ & Balrog™ launched at $20 and now trades around $45, an increase of 125.1%. See the price history chart for how it got there.
What is the price per piece for Gandalf the Grey™ & Balrog™?
At its $20 retail price across 348 pieces, Gandalf the Grey™ & Balrog™ works out to about $0.057 per piece. Collectors often use price per piece to judge whether a set is good value.
Is LEGO Gandalf the Grey™ & Balrog™ a good investment?
Gandalf the Grey™ & Balrog™ currently trades 125.1% above its $20 retail price, and it is retired, so no new supply is entering the market. Past performance is not a prediction — condition, packaging and how long you hold all affect what a set actually sells for. BrickStats reports the numbers rather than giving investment advice.
Why is LEGO Gandalf the Grey™ & Balrog™ so expensive?
Gandalf the Grey™ & Balrog™ was released in 2023 and has since retired. Once LEGO stops producing a set, the only supply is what is already in circulation, so sealed copies in good condition compete for a shrinking pool of stock. That scarcity, not the parts, is what moves the price.