The Hobbit
Overview
LEGO's Hobbit theme ran from 2012 to 2015 alongside the Lord of the Rings programme, covering Peter Jackson's three-film adaptation of Tolkien's prequel novel. The set catalogue spans all three films — An Unexpected Journey, The Desolation of Smaug, and The Battle of the Five Armies — with a character roster built around the Company of Thorin: thirteen dwarves, Bilbo Baggins, Gandalf, and key antagonists including Smaug and the Necromancer. Like the Lord of the Rings theme, the Hobbit licence has lapsed and production ended nearly a decade ago. No new sets have been produced since 2014, and the catalogue is fixed. However, the Hobbit operates in a meaningfully different collector market to LOTR — the films generated strong box office but considerably less cultural permanence than Jackson's original trilogy, and collector sentiment about the Hobbit theme is more divided than for the LOTR range. The figure catalogue itself presents a unique challenge: thirteen named dwarf characters, each with distinct designs, spread across a small number of sets. Assembling a complete dwarf company represents a substantial collecting project with genuine rarity at the individual figure level.
Key Characters in the The Hobbit Theme
The Hobbit's character roster is defined by the company of Thorin Oakenshield — thirteen named dwarves, each depicted in at least one set with distinct individual designs. The dwarf characters are among the most spread-across-sets figures in the catalogue, which explains the moderate individual prices; their collector value compounds most when assembled as a complete company. The character roster is padded by an array of “army builders” in the form of multiple Gundabad Orc, Mirkwood Elf and Hunter Orc variants, adding a different take on the more single-variant range of characters available in the Lord of the Rings theme.
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Bilbo Baggins
Gundabad Orc
Mirkwood Elf
Hunter Orc
Thorin Oakenshield
Bard
Balin
Fili
Largest Sets by Piece Count in the The Hobbit Theme
At 24 sets spanning all three of Peter Jackson's Hobbit films, the catalogue covers everything from small promotional figures to the 866-piece 79018 - The Lonely Mountain — the theme's flagship set at £662.07 used. Unlike the Lord of the Rings range, where the largest sets command the most dramatic premiums, Hobbit pricing is more evenly distributed across the range. One outlier: COMCON031 - Azog, a convention exclusive never available at retail trades at £521.37 used, reflecting its near-impossible availability.
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The Lonely Mountain
The Goblin King Battle
Dol Guldur Battle
An Unexpected Gathering
The Battle of Five Armies
Lake-town Chase
Attack of the Wargs
Barrel Escape
Notable Minifigures
The Hobbit's most valuable figure - LOR057 - Bilbo Baggins - is a particularly distinctive variant of Bilbo Baggins in his blue travelling coat rather than his standard waistcoat. However it’s also his scarcity driving the significant price tag of £170.15. He was never included in a traditional LEGO set and only available in the box of a limited edition Blue-ray DVD for The Hobbit: An Unexpected Journey, which was only available in the US via Target stores. Scarce to say the least! LOR082 - Radagast (£88.89) follows more traditional logic: a single-set distribution, a character with genuine franchise significance and no modern LEGO equivalent. Among the dwarves, LOR107 - Dain Ironfoot (£53.77) stands out — a character who appears only in The Battle of the Five Armies and whose single-variant, single-set status has compounded in value as the production window has receded.
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Bilbo Baggins - Blue Coat
Radagast the Brown
Dain Ironfoot
Thorin Oakenshield - Gold Armor and Crown
Oin the Dwarf
Azog - Wide Open Mouth
Galadriel
Gloin the Dwarf - Dark Orange Hair
Collectability & Investment Insights
The Hobbit shares the same licence-level multiplier as The Lord of the Rings — both are Tolkien IP with premium tier positioning. In practice, secondary market demand for Hobbit figures consistently underperforms equivalent LOTR figures, reflecting the cultural gap between the two productions. A Bilbo Baggins figure is structurally supported by the Tolkien licence, but not to the same degree as an Aragorn or Legolas. The exceptions within the Hobbit catalogue are Smaug-adjacent figures and the Thorin and Gandalf variants from early releases. Smaug's iconic status lends premium support to figures from sets featuring him, and Gandalf's consistent Tolkien significance bridges some of the value gap between the two themes. The thirteen dwarves are the most complex collector proposition in the theme. Individually they score as minor characters with limited franchise significance. Collectively, as a complete company, they represent a substantial investment and a genuine collector challenge — complete sets are difficult to assemble at fair value, and the difficulty has only increased as supply has compressed over the decade since production ended.