As investors have discovered, the winners are not those who put their money in stocks or property but those who invested in Irish antiques. While Irish pictures have been grossly overvalued in recent years, antiques have been undervalued. For the collector, the upside of the recession is that pieces are coming to the market out of necessity and there are excellent buys to be had.

Why Irish?
As they were produced in much smaller volume than English or Continental, Irish antiques have a rarity value. Also, the work of 18th century Irish cabinet makers and silversmiths has an individuality that manifests itself in fantastical carving that is not found in the English or Continental equivalent.

Learning about antiques
Essential reference books include Irish Furniture by the Knight of Glin and James Peill, Irish Georgian Silver by Douglas Bennett and, on a more practical note, Judith Miller’s Antiques Detective.

That the present generation of collectors is better informed than any other in history is in no small part due to Miller. Author of more than 100 books on antiques, she has devoted a lifetime to dispelling the mystique that kept collectors in the dark for centuries. Encyclopaedic in scope, the book is a master class in how to recognise a good thing when you see it. It covers styles and movements, how to identify by detail and how to detect fakes.

However, when it comes to training your eye to distinguish between good, indifferent and fake, there is no substitute for looking at, touching and smelling the genuine article. The best way to get close enough to appreciate the grain, the finish and the patina is to attend viewings at auction houses such as Adam’s in Dublin, Mealy’s in Co Kilkenny and Sheppard’s in Durrow.

What to buying
Buy only what you like, buy the best you can afford and never buy from an auction house or dealer who is unwilling to guarantee the authenticity of an object. In Ireland, members of the Irish Antique Dealers’ Association will often let you try out a piece of furniture in your home before you commit to a purchase.

Do you know the value of what you already own? A great many people don’t, particularly if the furniture is inherited. Call in a professional valuer and you might get a pleasant surprise – by sending a piece to auction that you’re not very keen on, you might have the funds to buy something you really admire.

In the antiques trade, what goes around, comes around. Don’t be dismayed by the vagaries of fashion; the wise collector thinks long term. At any time, you’ll find people are either chucking out grandma’s antiques or scouring the salesrooms for furniture to replace items thrown out by an earlier generation. I still wince as I recall the day in my childhood when my mother paid someone to take away granny’s Art Deco furniture – it was deeply unfashionable and she felt it clashed with everything else. That wouldn’t happen today when the look is eclectic with a mix of different periods and styles. If your pieces are out of fashion, hang on to them; their turn will come again.

If you are looking for a blue-chip investment, there will always be a demand for quality cabinet making. Moving downwards in price, functional furniture is a good bet. It is frequently cheaper than its modern counterpart and its value will appreciate over time, provided it is kept in tip-top condition.

Online purchases
It is safe to buy on the internet, provided you are dealing with internationally known houses such as the Irish ones already mentioned, plus Bonham’s, Christie’s, Sotheby’s and Heritage. To keep informed of what’s coming up, log on to their websites and type Irish into the search box.

Beware of buying from an unknown source. When you are tempted, remember the recent incident of the man who turned up at BBC TV’s Antiques Road Show with an exquisite glass bottle he’d bought for £1,000. With deepest regret, the expert immediately identified it as a Tesco olive oil bottle, circa 1982. The sad little film clip didn’t appear in the broadcast show, the producers decided it would be too cruel.

Antiques Detective: Tips and Tricks to Make You the Expert, Judith Miller, Dorling Kindersley (stg£16.99)