Five famous singers who love abstract art

Madonna’s collection is worth around $100 million and includes famous names like Man Ray, Jean-michel Basquiat, Fernand Leger, Picasso and Frida Kahlo.

Elton John’s $200 million collection includes Man Ray’s Glass Tears, now worth close to $2 million, Andy Warhol, Robert Mapplethorpe, and Damian Hirst.

Lady Gaga’s collection contains artwork by Leigh Bowery and Francesco Vezzoli, to name just a few.

Jay-Z’s art collection is worth around $70 million.

Beyonce loves Awol Erizku, Kerry James Marshall, Kara Walker.

Luckily, you don’t have to be a millionaire to collect art.

But you do need to avoid the pitfalls of buying unwisely.

Here are five things to think about before you spend your hard-earned cash on art.

1. Educate yourself - read books, research the artists you like, invest in experienced artist who have won an award or two, and don’t be afraid to ask questions.

2. Don’t rush it - you will be looking at your purchase for quite a while, so make sure you love it.

3. Understand value - the market is always changing so a keenly priced artwork by an emerging artist may grow in value over time. But beware, there’s nothing worth than spending too much and then seeing the work drop in value.

4. Set a budget and stick to it - if you can’t afford a large work by an artist you love, ask if there are smaller works available.

5. Look after your artwork - make sure you don’t hang your art in sunlight or near a heat source of any kind. Understand what mediums were used and ask if there are any special instructions you need to follow. Protect your investment so that when it is time to sell, condition of both painting and frame is still perfect.