Antique collecting can be the most expensive hobby ever (and that includes golf!) or the most lucrative, depending on how you approach it. A few important considerations.

Educate yourself 
Those who approach this hobby with a well trained eye can find an abundance of undervalued antiques but first, you need to get a sense of what you like. Once that’s done, start studying up on it.

Auctions, flea markets, garage sales and the Web are good places to start your research. There are also books available at your local library on every period and style. The goal is to learn how to compare similar artists, pieces and styles so you can pinpoint what's good, better and best for your own collection.

Cater to your own taste 
Even if you plan to eventually sell a piece, you have to live with it in the meantime, so it's important to find your style before plunking down any money. Find something that inspires you, that recalls something you liked in your childhood or something that you're currently interested in. While it's true that both art and antiques have historically gone up in value, there's always a chance that the piece you choose will fall flat. At the very least, you and your family can get some enjoyment out of it.

Use a reputable dealer 
One common denominator throughout collecting is quality and condition. If you’re an amateur, you need to rely on someone you trust to point you in the right direction, and a good dealer will be more than happy to guide you. Picking up pieces from a renowned dealer only gives you an edge if and when it comes time to sell.

Visit your own attic 
The stories of people selling a random painting or table at a yard sale for pennies, only to find out later that it was really worth thousands, or even millions is quite painful. If you have something that was passed down to you, do a little research before carting it off to Good Will, even if it looks worthless. If you see a name on a painting or on the bottom of a vase, Google it. It's amazing the kind of things you can find if you have any information attached to the piece.  If nothing turns up, it still might be worth your while to contact a dealer in your area for guidance.   

Know how to sell 
There's no hard-and-fast rule for when to sell a particular piece, and, of course, appreciation rates vary across the board. One idea is to unload something when you're simply sick of having it around. You want to turn a dime, so it's important that the price is right. In general, dealers would rather you quote a price to them upfront. Do some research on similar pieces and what they've sold for, then consider the quality and condition of what you have. Once you have an asking price in mind, find dealers who specialize in similar areas, or head to a local auction.

Antiques are one of the few hobbies that create an opportunity for profit with a little luck and a lot knowledge. Whether you approach antiques as a blue chip investor or as an aggressive antique trader, you may be able to make antique collecting a financially (as well as personally) rewarding diversion!