by Rana Williamson

Created on: May 09, 2009   Last Updated: May 19, 2009

Admit it. Intellectually you know Picasso's paintings are "art," but do you have a clue why abstract women with melting body parts are more valuable than dogs playing poker? You're not alone. Plenty of folks predicted Picasso was just a fad and even the much-loved Impressionists like Monet and Van Gogh were considered nut jobs in their day. (Okay, given the ear slicing thing, Van Gogh probably was a nut job, but that's beside the point.) The real question is, how do you know what constitutes art and which art represents a good long-term investment?

Don't Second Guess Your Own Instinct

Collectors who surround themselves with things they love are making a good investment. First and foremost, art should bring joy to your life. Don't try to second-guess the highly subjective and changeable art market. In time, you'll get better at recognizing works with the potential to grow in value. In the beginning, buy what you like and do everything you can to learn. After all, do you really want to just wander galleries in dazed confusion muttering "interesting" for the rest of your life?

Find the Arts "Scene" in Your Area

No, you don't have to move to New York City and hang out in Chelsea. Heck, you can live in Marfa, Texas and find art - seriously. For thirty years tiny, remote Marfa has had one of the country's most avant garde artist colonies. Minneapolis, of all places, is home to the Walker Art Center, a premier contemporary art museum. You'll find art in places you don't think of as "arty."

- Build art excursions into vacations at destinations like Aspen and Santa Fe that have thriving artist communities. Gallery shows mean free food and drink (albeit cheap wine in a box), but why not?

- Take in shows at the local university art department. Granted, every college isn't the Rhode Island School of Design, but admission is usually free and student art is just plain fun. (Weird, but fun.)

- Attend your community's local gallery night. These increasingly popular events are a great way to learn about artists in your area.

So, You Do These Things, Then What?

If possible, talk to the artists. They love to expound about their work, the materials they used, and their major influences. If you like what they're doing, chances are you'll like who they like. If available, buy the exhibit catalog. Most collectors start with a personal reference library of catalogs, art books, and magazines before buying their first piece. (A good first art book is "The Intrepid Collector" by Lisa Hunter.)

Don't Forget the Internet

The web is a massive 21st century public exhibition giving artists who couldn't get "wall" space elsewhere a chance to show their work. Visit your local museum's website for exhibit dates and look at local calendars for art fairs and shows. You'll learn what you like by experiencing art firsthand. (Don't neglect the flip side. When you see an artist's work, find out if they have a web site to see more examples.)

You Don't Need Big Bucks

Ever watch "Antiques Roadshow?" The guest with the bronze sculpture says, "I bought it for $25 at this starving artists show because I liked it." Then the appraiser says, "Well, that was a good investment. This artist is highly desirable and your piece is worth $1,000." (Cue the stagehand with the oxygen mask.)

Buy what you like and what you can afford. Learn about the artists. Live with the art. The rest will follow. Initially the greatest investment return on art is the pleasure it brings to the buyer. Long-term? It's anyone's guess, but good work stands on its own - even when you'd swear the poker playing dogs make more sense than the masterpiece.

Learn more about this author, Rana Williamson.
Click here to send this author comments or questions.