How to Start Your Own Art Collection

1. You don't need to be a millionaire

One of the largest art collections in the world, the Deutsche Bank collection was started with carefully chosen works on paper, many of which were purchased for less than £100 a piece. So start small, but start.

2. Invest time before investing money

Don't snap up the first piece that catches your eye. When it comes to investing in art it pays to train the eye a little, so that you end up buying into something a little more enduring than an ephemeral visual trend. Spend time wandering around galleries, museum collections and art fairs, and you'll be amazed at how quickly you develop an instinct for what you like.

3. Get things in perspective

Spacious galleries and their minimal, white walls can confuse you. Don't forget the dimensions of your space at home, as well as key visual elements such as wall colourings and large items of furniture. While you shouldn't be guided by what will look good with your sofa, it's important to imagine how much space the art work needs to have around or in front of it.

4. Take care

Photographs and works on paper should be kept out of direct sunlight, so it's best not to hang them opposite large, south-facing windows. Hallways of boisterous families might also spell danger. You don't want your art works to create no-go areas, but it's sensible to hang them somewhere that is naturally out of harm's way.

5. Network and learn

If you fancy a more structured approach and the chance to meet other new collectors, join a scheme such as the Contemporary Art Society's Bloodprogramme, which has been designed to enable emerging collectors to visit commercial galleries, museums, artists' studios and private collections. Expert talks, advice and guidance on tap - and all for a very reasonable £95 a year.

6. Use the net

Sign up to newsletter updates and cool cultural guides to keep tabs on the scene. Useful sites include Eyestorm, Axis, Artkrush, Artnews, Kultureflash, and Flavorpill. But you may want to see a painting in the flesh before you buy.

7. Explore international art fairs

Fairs such as the Frieze Art Fairare a great way to get a snapshot of what's hot on the international scene, but not everyone has deep enough pockets to come away with much more than a catalogue. Where there's a big international event, there's inevitably a series of 'young' fairs close by, with up-and-coming artists, lower prices and easy access to plenty of dealers who are in the mood for selling - try Zoo Art Fair.

8. Look beyond traditional galleries

In July, big-name artists flog their wares from their car boots at the annual Art Car Boot Fairin London, and real bargains can be had. Snap up the nest big thing at graduate shows at the art schools like Goldsmiths, the Slade and the Royal College of Art in the summer months. Or try the annual Affordable Art Fair, with all works priced under £3,000.

9. Limited editions

Buy into the work of well-known artists by purchasing limited-edition prints or multiples, available at a fraction of the price of unique works (or several thousand if you're Damian Hirst). Find them at major museum shows, or through specialists such as 55 Max. Check the size of the edition, ensure it is properly numbered and signed, and ask how many 'artist proofs' have been produced.

10. Guardian angel

By becoming a collector, understand that you become the guardian of the piece of art. After buying the work, stay alert - keep up to date with the artist's activities and document the work for insurance purposes. Remember, you never really own art - you merely look after it for the next generation.