The Art of Owning Art

Not sure what to hang on your walls? Get your eye in focus with a three-day course on the art of owning art. Sotheby's Institute of Art in London, an independent spinoff of the famous auction house, combines lectures and field trips to contemporary art fairs to train would-be Saatchis in collection building, gallery economics, art investment and the growing role of art fairs themselves. They're "popping up everywhere now," says the Institute's public programs manager Lyn Calzia, and with the weedlike growth of the contemporary art market, "there's such a vast amount to sift through."

The next course on making the fine distinction between a Damien Hirst and a flash in the pan coincides with the Frieze Art Fair in London's Regent's Park (Oct. 11-13), where Sotheby's Institute will offer special guidance on Indian art and the Young British Artists; there's a parallel course for Russian speakers.

You can also take courses at Art Paris-Abu Dhabi in the U.A.E. (Nov. 26-28) and Art Basel Miami Beach (Dec. 6-8), where attendees will visit other fairs and private collections in the city. Fees start at $2,030; tel: (44-20) 7462 3253; www.sothebysinstitute.com

You can learn the ropes in the art market on your own, too, of course, insist Louisa Buck and Judith Greer, who offer many of the following tips and more in Owning Art: The Contemporary Art Collector's Handbook. (Greer will lecture as part of the Frieze course.)

Do your research, browsing sites such as arttactic.com or artprice.com for a sense of price trends.

Study artists the way you'd study racehorses: How did their work fare at auction? Are they heading up or down?

Go to fairs and student shows, network at gallery openings, and establish a relationship with a good gallery that corresponds to your taste and price range.

Employ an art adviser who will act as researcher, broker and front person. The best don't advertise, so ask a reputable source like the curator of your local museum of contemporary art.

Buy what you like and don't be afraid to be unfashionable. Successful collectors don't follow trends; they set them.