The purchase of a work of art can be a fantastic investment if the artist becomes better known and better respected further down the track. The difficulty is that once an artist becomes famous enough to command high prices, the price you pay for the work is also high. So the trick is to buy works by artists relatively early in their careers. But which artists? Unfortunately the vast majority of artists never make any significant name for themselves and their works do not increase in value. Contrary to popular belief the value of an artist's work doesn't always skyrocket once they die. The work of a dead nobody is no more valuable that that of a live nobody - harsh but true!

So how do you know which work to buy?

First and foremost, only buy art you like. Chances are you won't be getting rich off your investment (at least not in a hurry) so it's far better to have a work you really love enriching your surroundings than something ugly sitting in the corner waiting for the day it becomes valuable. You'll also be supporting an artist whose work you admire and encouraging him/her to create more works in that style.

Next look at which exhibitions your artist has been in. Are they major shows that you've heard of, or obscure backstreet venues with impressive sounding names? Has Google heard of them? What other artists have been in the same show or at the same gallery? This can be one of the most useful measures of how much promise an early career artist has. If your chosen artist has been in a group show with someone like Bert Flugelman, then clearly that show is taken seriously in the art world and the selection judges wouldn't be including rubbish in it. Major group shows are the toughest exhibitions to get into because the judges only select a handful of artists from hundreds and thousands of applications. If the expert judges think your horse (artist) has promise, that's a good sign.

How long has your chosen artist been producing work? The art world is tough and very unfair. Trying to make a career of art generally sucks, so most early career artists give up and stop making work. If this happens, you're investment is out of the race. If your chosen artist has managed to stick in there for a few years, they may well go the distance.

Never underestimate the power of Google! Most artists have a web site, but what's more interesting is what other web sites are they on? Are they talked about much on line, in the arts media etc?

What is the likely longevity of the work you have in mind? Most artists are neither conservators nor structural engineers. A long spindly outdoor work will probably be destroyed by the next gale. An outdoor plaster work will be disolved by rain and frost in about 2 to 5 years. If it's a horribly delicate indoor work chances are it will get smashed. Michelangelo was once required by his patron to create an ice sculpture (much to his disgust!) What's it worth today? It's always a good idea to consider the structural integrity, materials and build quality of a piece of art you buy. Most artists are also more than happy to give you a realistic estimate of how long any of their pieces will last.

If you're looking for a failsafe investment in the art world buy an original Van Gough, you can't loose. But if that's a bit rich for your pocket, you can with careful choice, buy a reasonably priced original artwork that will look great in your home and increase in value. You'll also be helping and encouraging an artist to develop his/her career.