So, you have a few hundred dollars to invest? Or maybe a few thousand? There's no shortage of places to put your money, from regular stocks and bonds to more exotic items such as bloodstock, fine wine, antiques, stamps or vintage cars.

And then there's art.

To many people, that conjures up images of old masters being sold for millions of dollars at auctions in London, New York or Paris.

But according to Santa Barbara art collector and dealer Frank Goss, that's a misconception: He says there are potentially profitable paintings and drawings out there to suit almost all pockets. However, he also adds the crucial caveat: Buy something you like since it's going to be hanging in your house for a while and you'll be looking at it every day.

"Collectors should trust their own eye," he said. "Find the work you like and then go for a good deal."

Mr. Goss encourages would-be art investors to do their homework: Read art books and magazines, study artists, visit galleries and museums to look at their work. For those who don't have time for all that, the next best thing is to rely on a reputable dealer.

Mr. Goss says he has around 3,000 paintings and 4,000 drawings at the Sullivan Goss gallery which he and his wife Tricia have run for 19 years on Anapamu Street. The couple also operate the Sullivan Goss gallery on Coast Village Road.

Some of those drawings can be bought for as little as $200, he says, recalling similarly-priced works from years ago which, over time, have yielded substantial gains.

Mr. Goss says you don't need $25,000 or $50,000 to invest in art - it's quite feasible to put together a "wonderful collection" for between $1,000 and $2,000.

As with many investments, the very top of the market does best, says Mr. Goss, though there will inevitably be "risers and sinkers". Thus some of those multi-million dollar paintings may appreciate annually as much as 25 percent whereas the overall average is closer to 7 percent.

There is debate about whether the best investments are in the works of living or dead artists though Mr. Goss prefers a more fundamental approach. "You want a good artist and a good painting."

However, he also sounds a note of caution regarding art fakes and says these are a huge problem on eBay, the Internet auction site. He says a common trick is to find an old painting in the style of a well-regarded but dead artist and simply add a forged signature.

There's another good piece of advice from Lillian Kornbluth, who has lived in Santa Barbara about a year after a 35-year career as a gallery owner and art dealer in New Jersey.

Mrs. Kornbluth, now 83, says investing in limited edition prints or drawings by artists who have already established their reputations is a good option. But she warns never buy on paper in the frame.

"Framing covers up a lot of errors," she says, adding that buyers should always ask to see and inspect the complete drawing or print out of the frame.

Ralph Quackenbush, who lives in Montecito, is an artist and art collector. He also owns the buildings which house the Quackenbush Cafe and attached art galley in Los Alamos where his paintings rub frames with a host of others.

He says there is a lot of good art in Santa Barbara, such as works created by members of the well-regarded Oak Group, which he predicts will likely become the collectibles of tomorrow.

Mr. Quackenbush says much California art is still in the $1,000 to $3,000 range. He advises people to invest in art from the region where they live because, generally, that is where future demand and prices will be highest.

He believes art is a worthwhile investment but before parting with your money he has one final pice of advice which echoes the sentiments of Mr. Goss - "Never buy a painting unless you want to look at it."

e-mail: fnelson@newspress.com