With so much fame and cultural value associated with the art world, it can seem like owning a work of art would be a good investment. After all, given enough time, it will appreciate in value and become a truly desirable commodity for any seasoned art dealer or collector. But is that really the case?

Not all artwork goes up in value. In today's art market, there is a high demand for works created in the 20th and 21st centuries, but less demand for more traditional pieces like Victorian watercolor paintings and classic Japanese art. In addition, the high prices in the art market have less to do with the actual value of an artwork and more to do with the handful of billionaires and art collectors determined to collect art "trophies" for themselves.

On the other hand, most investors see art as a more tangible commodity where they can put their money. Art is a far less volatile market than stocks. It still has its risks--which can be numerous--but possessing and investing in a work of art can ultimately be more satisfying.

If you wish to invest in art, you can improve your opportunities for success with these helpful tips.

1. Diversify your portfolio. If you must invest in art, most financial advisors recommend that such "alternative assets" take up no more than 5 to 10% of your overall portfolio. Art funds usually have no liquidity and can take a long time to produce returns for your investment.

2. Consider additional costs. Unlike other investments, art has other requirements in order to maintain its value. This includes frequent appraisals, insurance, proper storage and maintenance, and fees for auctions and galleries.

3. Educate yourself about art. You can learn more about specific art genres and artists on your own or with the help of an art advisor. It's important that you know exactly what you want in a particular piece and where you're willing to put your money.

4. Beware of fraud. Because the art world is large and highly-priced, it's not uncommon to run into dishonest or uninformed dealers trying to pass off fake paintings and sculptures. You should be especially suspicious of artworks by more famous artists like Rembrandt or Michelangelo.

5. Look beyond the most famous art. The more famous an artwork or artist is, the higher the price and the demand will be. And as mentioned earlier, there's also a greater chance of being taken in with a fake. You can still make a good investment on lesser known art, even if it's investing in an obscure work by a famous artist.

Image by Playing Futures: Applied Nomadology on Flickr