Starting a contemporary art collection without spending millions

Starting an art collection is one of the best ways to invest one's money. While it's not simple, it also isn't rocket science. Great art can provoke thoughts, emotions, and opinions, and for some people, that's enough reason to start a collection. New York-based contemporary art student Cash Myricks shares a few tricks to building a collection without breaking the bank.

Acknowledge early on in the game the fact that contemporary art is rarely cheap. For some, it's a show—a display of wealth, class, and status. The ultra-rich know where to park their money without the threat of depreciation: Art. As with investing, one doesn't have to be a millionaire to get past the gate.

Before deciding to purchase a piece of art, be sure to visit galleries and build a genuine interest in contemporary art. Determine your style and taste. Be sure to listen to artists and critics; try to pick up the language and soak in the experience. With a developed taste, start attending auctions. As a new collector, spend time researching the work being auctioned and the auction house's history. These events offer a sense of transparency among the buyers and how they value art.

Work done by renowned artists will, for sure, cost hundreds of thousands to millions of dollars, mentions Cash Myricks. It would be an excellent idea for new collectors to attend graduate artists' exhibits and purchase their work minus commissions from galleries and dealers.