TY - JOUR T1 - Driving Returns: <em>Determinants of the Returns Associated with Collectible Automobiles</em> JF - The Journal of Wealth Management SP - 110 LP - 123 DO - 10.3905/jwm.2018.21.1.110 VL - 21 IS - 1 AU - Stephen G. Martin Y1 - 2018/04/30 UR - https://pm-research.com/content/21/1/110.abstract N2 - This study examines the net returns associated with collectible automobiles as an alternative asset class. The author updates and extends the literature related to the collectible automobile asset class and further examines the net returns, taking transaction and carrying costs into account and comparing them with the returns associated with financial assets. Using a sample from 2006 through 2017, the research presents empirical results related to the returns, net of costs such as sales commissions, insurance, maintenance, and storage. The findings indicate that, after accounting for such costs, holding collectible automobiles as an investment asset, during the sample period, does not produce favorable returns when compared with such financial assets as equities, bonds, and gold investments. The author also explores the nonpecuniary benefits of this alternative asset class and the efficiency of the market for collectible automobiles and sets forth a framework for future research on the topic.TOPICS: Real assets/alternative investments/private equity, performance measurement ER -