1. Sets
  2. BrickHeadz
  3. The Lord of the Rings
40631 LEGO BrickHeadz The Lord of the Rings Gandalf the Grey and Balrog thumbnail image

40631 LEGO BrickHeadz The Lord of the Rings Gandalf the Grey and Balrog
Images 6Description 
40631 LEGO BrickHeadz The Lord of the Rings Gandalf the Grey and Balrog
  • Gandalf the Grey and Balrog thumbnail
  • Gandalf the Grey and Balrog thumbnail
  • Gandalf the Grey and Balrog thumbnail
  • Gandalf the Grey and Balrog thumbnail
  • Gandalf the Grey and Balrog thumbnail
  • Gandalf the Grey and Balrog thumbnail

LEGO 40631 Gandalf the Grey and Balrog is a BrickHeadz set valued at $35 for new and sealed sets, up 75% from an original retail price of $19.99. The set retired in October 2024 with annual appreciation averaging 23.88% since. On the used market, values range from $28 to $34 based on condition. Secondary market prices for new and sealed sets typically fall between $31 and $50.

Set Value (New/Sealed)

This chart represents the current new/sealed value of the set Gandalf the Grey and Balrog since October 2024. Very high accuracy
LEGO 40631 Gandalf the Grey and Balrog is a BrickHeadz The Lord of the Rings set released in 2023, containing 348 pieces. It builds stylized figures of Gandalf the Grey with his sword and staff and the Balrog with a brick-built whip. The duo is designated BrickHeadz No. 185 (Gandalf) and No. 186 (Balrog). This double pack focuses on displayable character models from the Mines of Moria confrontation.

A new and sealed Gandalf the Grey and Balrog is currently valued at around $35, with annual growth of about 16.0% that is expected to level off to around 11.3% in the coming year. The average used price is $30 for those in good overall condition. New and sealed listings currently range from $30 to $50. Based on current trends, this set could be valued near $37 within the next year. The set was available for 21 months, from January 2023 to October 2024.
All regions

For Sale (New/Sealed)

 (US) *** Best US listing for Gandalf the Grey and Balrog ***
BrickEconomy Choice
$32.00
(US) Excellent Condition, Shipping from a pet-free, smoke-free, adult-owned collection. $29.99
-14.2%
(US) BrickHeadz 40631 Gandalf the Grey & Balrog Brand New and Sealed RETIRED $32.00
-8.5%
(US) Brickheadz Lord Of The Rings 40631 Gandalf the Grey & Balrog Retired Sealed $34.99
+0.1%
(US) 40631 Lord of The Rings Brickheadz Gandalf the Grey & Balrog SEALED $39.95
+14.2%
(KR) 40631 BrickHeadz Lord of the Rings Gandalf Grey Balrog New Sealed Box $39.98
+14.3%
(US) New & Sealed LEGO BRICKHEADZ: Gandalf the Grey & Balrog 40631 $39.99
+14.4%
(US) Lord of the Rings Gandalf the Grey & Balrog 40631, NEW, RETIRED, GENUINE $44.98
+28.6%
(US) BRICKHEADZ: Gandalf the Grey & Balrog (40631) NEW AND SEALED IN BOX $44.99
+28.7%
(US) 40631 BRICKHEADZ Gandalf the Grey & Balrog New and Sealed $44.99
+28.7%
(US) BrickHeadz Gandalf the Grey and Balrog 40631 348 pcs - New Sealed $44.99
+28.7%
(US) BRICKHEADZ Lord of The Rings 40631 Gandalf the Grey & Balrog (New) $45.00
+28.7%
(US) BrickHeadz 40631 Gandalf the Grey & Balrog Brand New and Sealed RETIRED $45.99
+31.5%
(US) BRICKHEADZ 40631 Gandalf the Grey & Balrog 185 and 186 New Factory Sealed $48.00
+37.3%
Show 32 more listings

Sales Distribution (Last 90 Days)

This chart shows the distribution of sales for the past three months of new/sealed 40631 Gandalf the Grey and Balrog.

Sale Trends

This chart shows the sales trends (number sold) of new/sealed 40631 Gandalf the Grey and Balrog.

Sets in BrickHeadz / The Lord of the Rings

40751 Legolas & Gimli

Theme / Subtheme BrickHeadz / The Lord of the Rings
Year 2024
Pieces 297
Availability Retired
40751 BrickHeadz The Lord of the Rings Legolas & Gimli
Retail $19.99
Value $34.82
Growth  +74.2%
Annual growth 26.2%

40632 Aragorn and Arwen

Theme / Subtheme BrickHeadz / The Lord of the Rings
Year 2023
Pieces 261
Availability Retired
40632 LEGO BrickHeadz The Lord of the Rings Aragorn and Arwen
Retail $19.99
Value $28.84
Growth  +44.3%
Annual growth 12.1%

40630 Frodo & Gollum

Theme / Subtheme BrickHeadz / The Lord of the Rings
Year 2023
Pieces 184
Availability Retired
40630 LEGO BrickHeadz The Lord of the Rings Frodo & Gollum
Retail $14.99
Value $24.99
Growth  +66.7%
Annual growth 24.9%

My Collection

Gandalf the Grey and Balrog Reviews

30 reviews
4.8
Collectors
Investors
Brickset
“40631 Gandalf the Grey and Balrog accordingly includes the first LEGO Balrog, although in BrickHeadz form. Nonetheless, the figure appears absolutely unique among BrickHeadz, while Gandalf is the perfect adversary for Durin's Bane. 40631 Gandalf the Grey and Balrog has... More attracted particular attention among the three The Lord of the Rings BrickHeadz packs, primarily because of the Balrog. The figure represents a notable departure from standard BrickHeadz in some respects, but I think the designer has managed to balance any unusual features with the series' customary characteristics.”
Full review at brickset.com
Jays Brick Blog
“This Balrog Brickheadz is HUGE, thanks to its wingspan and height, and really nails the “flame and shadow” look. We’ve never gotten a Balrog depicted in LEGO Lord of the Rings, so this makes for a great pairing with Gandalf, who faced off on the Bridge of Khazad-dûm in... More Moria,”
Full review at jaysbrickblog.com

About BrickHeadz The Lord of the Rings

LEGO The Lord of the Rings BrickHeadz are based on the The Lord of the Rings franchise and sets. These BrickHeadz sets feature stylized, blocky representations of popular characters such as Gandalf the Grey, Frodo, Gollum and Balrog. They are built using LEGO bricks in a standardized scale and form, with a distinctive squared-off design, large eyes, and a compact, displayable size. BrickHeadz has been particularly popular among adult fans of LEGO (AFOLs) and collectors due to their display-friendly nature, the wide range of characters, and the unique, recognizable style.

The Lord of the Rings consists of 4 sets that ran from 2023 to 2024.
Summary
BrickHeadz The Lord of the Rings Gandalf the Grey and Balrog set 40631 was released in January 2023, retailing for $20, but has since been retired. New, unopened Gandalf the Grey and Balrog sets are valued at $35, while used sets can be found for $30.
Read more
“You shall not pass!” Celebrate an iconic battle from The Lord of the Rings: The Fellowship of the Ring with this collectible LEGO® BrickHeadz™ Gandalf the Grey™ & Balrog™ building set (40631). Recreate iconic details of the wizard Gandalf the Grey and the flaming beast Balrog and display the buildable figures with pride. This set makes a magical treat, birthday present or holiday gift for The Lord of the Rings™ fans, LEGO builders and LEGO BrickHeadz collectors.

LEGO® BrickHeadz™ Gandalf the Grey™ & Balrog™ building set (40631) – Features a LEGO BrickHeadz Gandalf figure with a sword and staff, and a Balrog figure with a whip

Gift idea for ages 10 and up – This 348-piece construction set makes a fun gift for The Lord of the Rings™ fans, LEGO® builders and LEGO BrickHeadz™ collectors

Build and display – The Gandalf the Grey™ and Balrog™ figures both stand over 3.5 in. (9 cm) tall. Each of these collectible models comes with a baseplate for display
Description provided by LEGO©