As many of you have noticed, the contemporary art market is hot. Prices, especially in sizzling areas like contemporary art and modern abstract art are rising through the roof.

If you want to start your own art collection, here are a few tips for you:

• Collect the works of living artists. You will be assured of buying an authentic piece of work and will have the great satisfaction of supporting a favorite artist. Art from artists that can earn a living doing art are more likely to increase in value over time.
• Keep a file with press clippings and books on your favorite artist. Your art work will appreciate more in value if your artist is published and gains public recognition.
• Beware of fakes and reworked pieces. Be wary of unscrupulous dealers who delight in scamming art buyers. If you do not know the artist, search on your favorite search engine for the artists name. If you can't find the artist anywhere else, the artist might not even exist. These art production companies often invent names that sound familiar.
• Purchase the paintings directly from the artist. It is common to purchase art through a gallery but this can be very expensive. Galleries charge as much as 40% to 65% commission to cover their promotion and overhead costs.
• Start your collection by purchasing limited edition prints. Do not invest in art that has more than 300 prints in a limited edition. At that level the piece is considered a mass production and it is unlikely to become more valuable.
• If a painting is very cheap, it is probably not a good investment. Just because a seller writes "hand painted" does not mean that it is worth the canvas. A lot of these paintings are produced in assembly line fashion by low-paid, semiskilled workers who have been trained to simulate other artists works. They are shipped from overseas and some of them are in violation of international copyright laws.
• Most self-representing artists list on eBay.com in the following categories:
• Art > Paintings > Contemporary (1950-Now) > American
• Art > Paintings > Contemporary (1950-Now) > European
• Art > Paintings > Contemporary (1950-Now) > Latin American
• Art > Self-Representing Artists
  

Good luck!