According to the experts, part of the joy of buying artworks is often learning about the artist and the work.

Another myth is that you need to spend a lot of money.

That said, there are a few basic rules to buying art, particularly for the first time buyer walking cold into a gallery and looking to start a collection from scratch.

“Knowledge is not a necessity but some knowledge is better than none and observation is better than academic,” says Sydney, Australia gallery owner Barry Keldoulis.

“Take some time to observe before taking the plunge for the first time,” he says.

Keldoulis says that by focussing on emerging artists in your country — including those who may be starting to do well internationally — not only will the works be more affordable but they are more likely to show the greatest increase in price.

While the layperson tends to think of art as paintings and works on paper, there is also the exciting area of new media and video which is gaining momentum among collectors.

Pleasure or profit

Another good starting point is to establish why you are buying art: is it for pleasure or profit?

Each reason may require a slightly different approach and level of investment, but the basic rule of thumb is always to buy what you like.

Whether you are buying for investment purposes or to impress the boss, chances are you are going to be living with these objects or images for quite some time, so you want to feel comfortable about having them around your home or office.

So how do you know what you like? The best way to find out is to spend some time visiting a few commercial galleries in your city.

Since there could be hundreds to chose from, start with the well known and established dealers.

This will help ensure the works are of quality. After visiting a few galleries you will get a sense of what you like or don’t like, and the different types of work shown at each venue.

Most commercial galleries show the work of a limited number of artists and hold solo or group exhibitions regularly.

Attending regular openings at a gallery can be a good way of meeting artists, curators, and critics as well as other interested collectors.

But it is also the best place to get a bargain, which brings us to the second main reason for buying art — for investment purposes.

Paintings are probably the best investment, but prints or works on paper by important artists make a very good first purchase, particularly if you don’t want to spend a lot of money.

These works are rarely on display, as dealers usually want to promote the big-ticket items. But invariably they are available for viewing on request.

The key to buying for serious investment is to select major works by well-known artists from respectable dealers.

In short, you need to buy works with pedigree and for which a market value already exists. The safest bet here is the secondary art market — that is, the auction sales by major houses such as Sotheby’s and Christie’s.

At the sales, works by new and old artists are put up for auction with values determined solely by market demand.

You are not likely to get a bargain here — as in the primary commercial market where the artists in consultation with dealers set the prices — but there is always a better chance that the works will hold their value over time.

Kipton Cronkite, a financial and art adviser for Smith Barney in New York, points out that measuring the value of any single piece of art is a combination of science, market fundamentals, and, well, art.

“Works of art are not commodities that can be valued and traded the same way as pork bellies, zinc, stocks, and even debt.

“The challenge is further heightened by the disproportionate impact of private transactions and the difficulty in gauging the market’s liquidity,” he says.

Yet for all this uncertainty, Cronkite believes the value of fine art is surging. Sotheby’s and Christie’s have both held numerous record setting sales in recent months, a trend that is expected to continue.

“Emerging markets and investors in Russia and China have fuelled price growth, and so has the enormous amount of cash that has been sitting in investor hands, looking for a home. Increasingly, investors are finding that home in traditional, modern, and contemporary art collections,” says Cronkite.

Five art buying tips for the budding collector