The game plan: Thea Westreich, of Thea Westreich Art Advisory Services, reminds us that while the art world and the market often overlap, it’s important to keep in mind that they are separate entities. She encourages her clients to look with their eyes, instead of listening with their ears about what’s hot. And she affirms that there are remarkable opportunities to collect great art with staying power on a small budget. “There are some really, and I mean really good artists whose work is available for under $10K, and some wonderful galleries to frequent that have pieces in that price range,” she says, citing Miguel Abreu Gallery (36 Orchard St at Forsyth St, 212-995-1774), Orchard (47 Orchard St between Forsyth and Grand Sts, 212-219-1061), Andrew Kreps Gallery (525 W 22nd St between Tenth and Eleventh Aves, 212-741-8849) and Reena Spaulings (165 East Broadway at Rutgers St, 212-477-5006).

If you’re on a truly shoestring budget, Liz Dimmitt of Gumshoe, a company that offers art tours (and other NYC event planning) for young professionals, recommends art-school open studios, as well as neighborhood studio tours. “Speak with the artists themselves, and spend a period of time—maybe a year—really figuring out what you are attracted to before buying,” she says. Organizations such as Dieu Donné Papermill, Inc., hold benefit auctions featuring work at low prices—for info on the next one, go to dieudonne.org. And consider artist multiples, often produced in collaboration with corporations, designers or nonprofits, like the Public Art Fund’s towel editions —which feature beach towels designed by Jeff Koons, Elizabeth Peyton, Cindy Sherman and Kehinde Wiley, sold for $50 each at Target. In the words of Westreich, “The most important thing in collecting work is to follow your bliss. Great art survives us all.”

Risk: 3 The market has seen sensational hikes recently; paintings from the Leipzig School that sold for as little as $4,000 a few years back now go for $40,000. Reward: 7 Not only do you have the potential to strike it big (fast!), but you get to hang your investment on your wall.