The Treasury Regulations provide for the exchange of personal property held for productive use in a trade or business provided that the property transferred is like-kind or like class to the property acquired. Similar to real property exchanges, a personal property exchange provides the opportunity to defer capital gains taxes and depreciation recapture. However, for personal property exchanges, depreciation recapture may be of much more concern than it is in real property exchanges due to the shorter depreciation periods allocated to personal property. By deferring these taxes, you have more funds available to acquire assets and build your wealth.
Personal property exchanges are much more restrictive than real property exchanges with regard to the interpretation of like kind or like class. Consult with your legal and/or tax advisors with regard to your exchange transaction.
See articles below for more detailed information on personal property exchanges.
Art and Collectibles Survive Recent Congressional Scrutiny of Section 1031 Exchanges
An Overview of Personal Property Exchanges
Personal Property Exchanges 
What is Intangible Personal Property? 
What is Tangible Personal Property?