Australians are increasingly becoming aware of the art market and wanting to buy pieces for their homes and investment portfolios.
You may not know art but you know what you like, right? Well, some experts say that's a good enough place to start when becoming a buyer.
Frank Malerba, owner of Jackman Gallery in St Kilda and an enthusiastic art collector for more than 20 years, says if you are looking to spend less than $5000 on a painting, go with your heart rather than your head.
"If you can manage to love something that is likely to appreciate, then that's the smartest thing," Mr Malerba says. "But if you're buying speculative art (that is from about $3000 to $5000), you can probably just buy what you like."
Mr Malerba says that anyone considering paying more than $5000 for an artwork needs to do their homework.
"If you're spending over $5000, you have to buy the right piece, and there are a couple of rules to follow: firstly buy from a reputable gallery; (secondly) watch the artist over several shows to make sure that he's not a fly-by-night and also find out if he's won any awards or is in any important collections. These are good signs that his work will appreciate."
To spend this sort of money you want to be investing in a known name whose work is expected to increase in value.
"Hopefully, you will still like the art, but I've bought some things that my wife won't even let me hang in the house!"
Chris Deutscher, of art auction house Deutscher-Menzies, says that ideally an art collector will buy works mainly for their aesthetic appeal.
"The basic reason for collecting art should be one of passion and enjoyment rather than social status and investment, but sadly these factors seem to dominate the scene," Mr Deutscher says.
Australians are increasingly becoming aware of the art market and wanting to buy pieces for their homes and investment portfolios.
"There is a lot more education now about art and artists and the general public are much more aware of it.
"Our data base has just about doubled in the past two years," Mr Deutscher says.
But this enthusiasm could see buyers easily duped about the value of artwork.
Mr Malerba says: "You could pay $5000 for a painting today, walk out of an unreputable gallery and only have a piece that would fetch $500 at auction next week."
Potential buyers can help protect themselves from being ripped off by checking out the auction results of more than 250,000 works by almost 9000 Australian and New Zealand artists on the subscription-based website, Australian Art Sales Digest, or via the book of the same name.
Mr Malerba says art is a longer term investment, "I recently had a clear-out of art I had had for six to eight years, and almost all of it had doubled in price," he says.
"But they were all well-known names, Nolans and Boyds and Blackmans."
And when you get that new investment piece home, how can you best protect it?
Insurance is a good idea, but can get pricey with more expensive art - and the value of a piece can change quickly.
If you insure it for the purchase price you may not have enough coverage in two or three years.
Home security is also an issue. Mr Malerba says his collection is worth more than $1 million and is protected by monitored security, roller doors and security screens.
And what about the effect of the elements on your investment?
Will your Picasso be as valuable if you leave it hanging in direct sunlight in a humid room inhabited by flies and other bugs? Probably not, though Mr Malerba says most paintings are pretty hardy.
But just to be sure, here are a few tips:
• Avoid hanging works on paper or prints in extreme light.
• Heat and cold can damage artworks - ensure the temperature where your piece is displayed is at a steady 20 to 21 degrees. Don't hang an artwork near a heater or air-conditioner.
• High humidity can cause mould growth; low humidity will dry out paintings. Most artwork should be in a climate of about 45 to 55 per cent humidity.
• Insects can be responsible for damage to artworks. Dust and vacuum regularly around the work to remove any bugs and their eggs.