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HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège
MASTER THESIS
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What are the specificities of classic cars as an asset class ?

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Mashshini, Pierre ULiège
Promotor(s) : Hübner, Georges ULiège
Date of defense : 5-Sep-2018/11-Sep-2018 • Permalink : http://hdl.handle.net/2268.2/5801
Details
Title : What are the specificities of classic cars as an asset class ?
Translated title : [fr] Quelles sont les éléments qui font des voitures de collection une classe d'actif ?
Author : Mashshini, Pierre ULiège
Date of defense  : 5-Sep-2018/11-Sep-2018
Advisor(s) : Hübner, Georges ULiège
Committee's member(s) : Ledent, Maxime ULiège
Claeys, Benoît 
Language : English
Number of pages : 98
Keywords : [en] alternative investments
[en] collectibles
[en] classic cars investing
[en] portfolio optimization
[en] diversification
[en] collector cars
Discipline(s) : Business & economic sciences > Finance
Target public : Researchers
Professionals of domain
Student
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] The goal of this thesis is to understand if classic cars can be considered as an asset class on their own, as for art and wine. Do they have features differentiating them from other collectibles? In the first part of the thesis, we will look at the collectibles market and the common features. Next, we will talk about collector cars as an object and how they differ from other collectibles. The costs, the risks and the value drivers of classic cars. Then, in the second part, we will look at the eventual diversification potential of classic cars. We will compute different tests, using indices we constructed using observations on auctions, to find out if classic cars should be included in a portfolio of traditional assets. Finally, we will conclude that classic cars should constitute a class on their own, as their differ from other collectibles. But based on our sample, they do not have a diversification potential and professional investors should not include classic cars in a portfolio. Only passionate people should invest as they are willing to bear all the risks.


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Author

  • Mashshini, Pierre ULiège Université de Liège > Master sc. gest., à fin.

Promotor(s)

Committee's member(s)

  • Ledent, Maxime ULiège Université de Liège - ULiège > HEC Liège : UER > Analyse financière et finance d'entreprise
    ORBi View his publications on ORBi
  • Claeys, Benoît
  • Total number of views 177
  • Total number of downloads 35










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