Final answer:
A long-term intangible asset is an asset that lacks physical substance but offers economic benefits over many years, such as a company's brand, patents, or copyrights.
Step-by-step explanation:
An example of a long-term intangible asset could be a company's brand value, patents, or copyrights that provide an economic benefit to the company over a period of many years. Unlike tangible assets such as collectibles like paintings, fine wine, jewelry, antiques, or baseball cards, intangible assets do not have a physical presence but still add to a company's value. Collectibles, despite being tangible assets, can also appreciate over time and may be sold for a profit, albeit they do not guarantee a higher-than-average rate of return over an extended period.