It is a Lego collector's dream home. A Dubai couple have spent 10 years and Dh400,000 building up a collection of more than a million bricks, with special sets adorning every room.
Catherine Rees, 48, bought the first Lego set as a Christmas present for husband Ieuan, 48, sparking a 300-set collection that sweeps their entire four-bedroom villa in Silicon Oasis.
The couple from Wales now have more than a million Lego bricks and say their unique collection adds character to their home, which is bursting with colour and personality.
“I’ve loved Lego since I was a kid,” says Catherine, who works in business services at a law firm. “I remember going to my grandmother’s house and sitting on the floor with a big bag of Lego.
“As an adult, I find it very therapeutic, and it takes me back to a carefree time away from the problems of day-to-day life. I just love it.”
Interior innovators
Today, every inch of the couple’s villa is covered in the vibrant blocks, from Star Wars figurines to artworks of The Beatles and even bouquets of flowers constructed purely from Lego bricks.
If I spend an evening building Lego, I have the best night’s sleep
Ieuan Rees,
entrepreneur and Lego enthusiast
“We had to move from a two-bedroom apartment to a four-bedroom villa, technically for the dogs but realistically for the Lego,” says Ieuan, an entrepreneur. “There’s not a single room without Lego in the entire house.”
Inside the living room, cabinets burst with Lego lorries, rollercoasters and action heroes, while a 150cm-high Eiffel Tower stands majestically in the hallway. In the dining room, a 130cm-long model of the Titanic takes pride of place, while the bedroom is adorned with Lego interpretations of Van Gogh’s Starry Night and The Great Wave.
The couple couldn’t be happier to incorporate their decade-long hobby into their home decor, they say. “Friends and family love our Lego and it’s always a talking point when we have guests,” says Catherine. “The neighbour’s kids come over to play with the dogs, but they usually end up just playing with the Lego.
“I think it’s nice that our decor reflects our personalities. Minimalist interiors seem boring in comparison.”
No expense spared
As any collector (or parent) knows, Lego can be expensive, with limited-edition sets creeping up into the thousands.
In 2021, researchers at the Higher School of Economics in Moscow found that prices for retired Lego sets grew 11 per cent annually between 1987 and 2015 – a rate faster than bonds, stocks and even gold.
“I’ve got about four sets in front of me right now that cost Dh3,000 each and we’ve spent up to Dh400,000 in total, though I try not to count it,” says Ieuan.
“It’s difficult to say what our collection is worth because it really just depends on what someone is willing to pay for it. There’s a community of AFOLs [Adult Fans of Lego] that are avid collectors and will pay a lot of money for rare sets.”
For Catherine, who relaxes with up to three 1,000-piece builds in a day, the pleasure of Lego lies in the enjoyment it brings, though the financial returns are a welcome bonus.
“For years, we used to go to brunches and have nothing to show for it afterwards,” she says. “If you spend the same amount on a Lego set you have something to decorate your house with.
“It’s a significant investment in both time and money, but collector’s editions can be worth it. We bought an extra Millennium Falcon for Dh4,000, which is currently being stored in my mum’s attic because we know at some point it’s going to be a rare set.”
Other limited-edition pieces in the Rees’ collection include a Boeing Osprey with rotating blades that was available for three weeks before it was taken off the shelves for its striking similarities to a military aircraft. The pair are always on the lookout for new and exciting pieces.
“We’re well known in Dubai’s Lego stores, and when something new goes on sale, the staff will get in touch with us,” says Catherine. “They are passionate about Lego too, and ask us to send them pictures once our new purchases have been built.”
Bespoke creations
After years of building Lego to manufacturer’s specifications, Ieuan decided to construct his own creations using a mix of pieces from different sets. His “projects” can take anything from four days to four years, and involve everything from the humble brick to motors, pendulums and working lights.
“When I’m working on a project, I become fully absorbed and can spend two to three hours a day easily,” he says. “I’ve made a working Lego clock with a swinging pendulum and though it doesn’t function brilliantly, it goes for around 45 minutes before it needs winding up again.
“I also built a remote-control forklift truck, which took me four years to complete; and a Soviet-style truck, which has nine different motors, three controllers and is operated by an iPad.”
Building serenity
For Mr and Mrs Rees, the value of Lego is not just monetary, but also beneficial to their mental and physical health.
“I feel like when I’m building Lego my mind drifts from my to-do list or work issues and I just lose myself in what I’m doing,” says Catherine. “If I need to de-stress or relax, then I know I can get the Lego out and forget about everything else. I’d recommend it to anyone.”
Ieuan strongly agrees and has noticed a wealth of health benefits he believes are directly linked to building Lego.
“One of my other hobbies is cycling and I track my metrics like my heart rate and my sleep,” he says. “If I spend an evening building Lego, I have the best night’s sleep. It clears my mind,” he says. “The activity and thought that goes into it separates me from everything.”
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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