As I have repeated many times now, there is only one constant in the antiques and collectibles trade. That constant, of course, is change. The markets that make up the trade are constantly moving and evolving. Some go through periodic cycles of boom and bust intervals while others gain momentum and keep growing year after year for several decades or more. Some markets end up hitting their peak and start their eventual downward spiral only to be forgotten by younger generations who no longer covet the items in question. This is what makes the economics side of the trade so fascinating, and as someone with decades of experience studying these markets, I often advise against trying to predict what the next big collectible boom will be. Still, these words of caution usually fall on deaf ears. I have witnessed (just barely, due to my age) the magnificent coin grading bubble of the mid to late 1980s, the junk wax era of sports cards that occurred in the late 1980s and early 1990s, the modern era comic book speculator craze that took hold in the early 1990s, the Beanie Baby bubble of the mid to late 1990s, and of course, the advent of eBay and online auctions. I should also mention that I was one of the early voices warning nostalgic-driven speculators to avoid buying into the pandemic crazed hype that saw certain collecting categories hit the stratosphere during the COVID pandemic. The collectibles trade in particular is one of the few markets where nostalgia and emotional attachment can lead speculators and collectors to make disastrous financial decisions. Now more than ever, we are reminded of record breaking sales occurring across almost all facets of the trade on a regular basis. Auction companies in particular have a vested interest in making the public aware of these sales. I have personally come into contact with many collectors who have gone massively into debt to fund their purchases. As a result, I want to share some knowledge to help any would-be speculator or collector out there build an award-winning collection without breaking the bank. In my younger years of learning the antiques and collectibles trade, I received some excellent tidbits of advice from serious collectors who accumulated incredible collections across a variety of different categories. Whether they were passionate about rare coins, vintage toys, comic books, or art glass, they all had one thing in common. They were quite methodical and patient in their approach when it came to adding a new piece to each of their collections. They did not just buy something on a whim, or attend an auction and bid on a multitude of things. The collectors who took the time to teach me the trade were some of the most patient collectors I have ever had the privilege of knowing. In the age of online auctions, online collecting forums, and instant gratification, it was this lesson alone that served me well and allowed me the chance to curate some collections of my own. Spending time with these individuals was a true blessing, and most echoed one of my most favorite phrases in the trade: The most important piece in any collectors collection is the next piece they are attempting to acquire. It was advice like this that stayed with me over the years. I fondly remember learning the rare coin market in the 1990s and early 2000s. I had a mentor who is now unfortunately deceased (like most of my early mentors, sadly), and he would scold me in the kindest possible way for wanting to buy something without doing the necessary research. He used to always ask me, What is the downside risk to the item you are buying? This would pique my curiosity and I would ask, Why is that important? To which he would answer, The collectors who build world class collections have an exit plan before they purchase each and every piece. This was the start of my education on the financial side of the trade. Today, I often advise new and even young collectors starting out to slow their roll. This is a phrase that I have borrowed from the reality television show American Pickers, and it is great advice to novices and experts alike. The phrase is to remind you that emotions can easily take over when you have an emotional attachment to the items you are buying. This is excellent advice in my opinion, as todays collectors are experiencing a myriad of online advertising promoting the antiques and collectibles as an alternate investment class by high profile auction houses and third-party grading companies alike. Even the popular Pokemon trading card games slogan is Gotta catch em all! The one thing that long-term successful collectors in these markets know how to do is build a collection over the long term. Much like financial investing, dollar cost averaging works in a lot of markets that make up the antiques and collectibles trade. If you started collecting graded coins in the 1990s, I can assure you that the rare coin market has experienced highs and lows in the decades that followed. If you slowly bought in over the years, you made some excellent purchases that can now be sold for a premium, even with all the changes that took place in this market with the advent of new third-party grading companies like CAC becoming a force in this market. The same is true for vintage sports cards. I know several high profile collectors in this market who, just by taking this advice, were able to slowly put together a six-figure collection of high grade sports cards. With all the bad internet advice and hype making its rounds through social media and the like, it is important to know that the best advice I can offer you is to go slow; stop and research the market from time to time; and dont get sucked into the hype being propped up by the news media, high profile auction companies, and third-party grading conglomerates. I am not against using debt in any of these markets as long as it is done wisely. As someone with a background in finance, my best advice is: if debt is used responsibly, it can be a blessing to those who respect it. On the reverse side of that same proverbial coin, always remember that the debtor is slave to the lender. Interest rates and opportunity costs must be taken into account before choosing to haphazardly use a credit card to buy these items. In conclusion, my very best advice is of course to recognize these markets for what they actually are. Have fun and remember that there are more important things in life than the objects we all covet and adore. Real relationships, friendships, and our own physical health and well-being are far more important than anything else, regardless as to how much it is worth or how sought after it is. I can assure you, over the long term, the antiques and collectibles trade, along with the objects we all covet and desire, will still be here. For the most part, they will outlast us and future generations. So it is important to remember to take care of yourselves and each other. Now I sound like Jerry Springer, which means it is time to end this article. Thank you for reading! Shawn Surmick has been an avid collector since the age of 12. He currently resides in his hometown of Boyertown, Pa., and is a passionate collector of antiques and collectibles. His articles focus on various topics affecting the marketplace.