Keep your eye on one ball: Start with the first rule of collecting. "You should buy what you like," says Andy Imperato, co-owner of Grey Flannel Collectibles in Great Neck, New York, a dealer of game-used jerseys and other sports memorabilia. "If you like the Yankees, buy Yankees memorabilia. Concentrate on one thing. When people are focused, they're able to put together a better collection. When you're all over the place, you can get frustrated, and you might not want to collect any more."

Learn before you start buying: Before you spend a dime, do your research. Visit the hall of fame for your favorite sport. Read magazines such as Beckett's Sports Collectibles and Sports Collectors Digest, and log on to websites such as www.beckett.com and the sports section of www.collect.com. "Try to find a local hobby store in your area," says Justin Kanoya, a spokesperson for Upper Deck, a sports cards and memorabilia company. "Dealers are a great resource for what's hot and what's not, and where to go for what you want." Newspapers list upcoming sports shows in your area, where you can pick the brains of other collectors. "Ask a million questions," Imperato says. "Walk before you run. Don't go out and spend hard-earned money until you know what you're doing."

Deal with a reputable person: Get references whenever possible, but you should also call on other people for additional opinions. At a show, you might have to make a buying decision without getting references. Ask questions. "If the person gets annoyed with you, you shouldn't want to do business with that person," Imperato says. "Only deal with a person who takes the time and the effort to talk to you." And even then, go talk to other dealers about what you're thinking about buying, and weigh the various opinions.

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