Get everything authenticated: "Industry experts always stress being sure that what you get is authentic," says Upper Deck's Kanoya. "That is the biggest fear when you're buying memorabilia." Larger companies have complex processes to ensure authenticity of autographed memorabilia. Upper Deck Authenticated, for instance, has a five-step authentication process that includes a new technology, a camera pen that records video of the athlete signing the piece of memorabilia that you purchase. If you don't have a reputable company's or dealer's stamp of authenticity, you're running the risk of buying a fake.

Insist on a return policy: Never buy anything from someone who will not give a return privilege. "If it isn't right, I want my money back," says Imperato. The return privilege applies in cases in which the piece of memorabilia is not 100 percent correct. "If someone says, 'I bought this Johnny Bench jersey from you, and I found out that the manufacturer's tag is wrong,' I'll have him send it back to me," says Imperato. "If I missed it, I'll give the money back. This doesn't happen often, but there are times you get fooled."

Consider your display: Imperato suggests visiting the halls of fame to get ideas on what displays look good. You can frame items, put them in display cases or mount them on mannequins. For his part, Imperato prefers mannequins to frames for jerseys, so you or your friends can touch them or try them on. "When I got my Babe Ruth jersey, I would wear that thing around the house all day," he says.

Keep learning after you buy: Learn as much as you can about every piece you purchase. "Anything you buy, you should study," says Imperato. "You might have a Jim Palmer shirt from 1976. You should take notes on what that 1976 Orioles jersey looks like. You might sell that shirt, and years later, you might come across another 1976 Orioles jersey worn by Eddie Murray. If you have a ledger, you can compare your Palmer shirt to the Murray jersey. If it doesn't match up to your Palmer shirt, you might have a problem."

If you want a return on your investment, buy quality: "If you want to be a collector, you should buy what you like," Imperato says. "If you want to be an investor, you must buy quality." By "quality," he means memorabilia connected to hall of fame caliber athletes: the Favres and Jordans and Jeters of the sporting world. "I prefer proven players," says Imperato. "I've seen too many players who are gonna be great, and blow out a knee. Look at Bo Jackson."

Follow these tips when you're looking for sports memorabilia, and you won't end your collecting career like Bo, on the sidelines.

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