The best and most fulfilling reason to collect art is because you love it and the pictures will be a constant source of enjoyment and pleasure. But be warned collecting is an addictive hobby and can easily become a lifelong obsession.

When you first decide to invest in paintings, you have two choices - buying purely for pleasure or buying for investment. When buying for pleasure the golden rule is buy what you like. The art market can be fickle and changes over time so if you are unable to re sell a painting due to a change in the market you’ll still own a nice piece that you enjoy hanging on your wall.

Pictures can gain in value over time, but they can also drop. Victorian oil paintings are a good example. In the last 20 years there has been a big drop in their popularity with prices decreasing in some cases by 75%.

Buying paintings for investment can be a rewarding and enjoyable pastime. As you begin to learn and grow in confidence, your appetite for investing will increase. Invest your time in reading about art and visiting museums and galleries. Auctions are an excellent place to learn and decide what sort of art interests you. Here at Sheffield Auction Gallery we sell a wide range of art from as little as £20 to many thousands. Buy a catalogue and study the pictures and how they are described. Get to understand the terms used and don’t be scared to ask the sale-room staff any questions you may have.

Attend the auction and use your catalogue and follow every lot as it comes up. Jot down prices and note items that seem to be hotly contested. This will enable you to see up to date prices, what kind of art sells well and what doesn’t. It is always best to attend a few auctions to get a balanced overview and you will soon learn which artists are particularly on trend at the current time and whose works may be a good investment in the future.

Set yourself a price ceiling and stick to it. Inspect the painting you are interested in before bidding. Ask for it to be taken off the wall and check the back. Small areas of damage, over painting, restoration and frame damage are all things that can have a detrimental effect on value.