Enjoy first, invest second
Simpsons collecting is a great hobby if you enjoy wearing out shoes wandering through flea markets, if you've got the courage to spend the last of your food money on a rare Lisa doll, and if you don't mind seeing your family life crumble as you dedicate your life to finding all 32 variations of the Simpsons plastic water bottle.

Part of a series of six A Franklin Mint collector plate, "A Family for the '90s." See a Franklin Mint advertisement for this plate.

It's also a great hobby if you just want to pick up a few Simpsons trading cards and maybe a Bart figure to plop on your computer monitor at work.

There is no one correct way to pursue Simpsons collecting. While someone could spend thousands of dollars a year putting together the ultimate Simpsons collection, others can assemble a decent one for much less.

With almost all Simpsons collectors, there's at least one thing in common. They love "The Simpsons." They are dedicated viewers who make a point of watching each new episode, and probably lots of the reruns.

Of course, you don't need to be a Simpsons fan to be a Simpsons collector, but that would probably be a pretty joyless hobby. For a typical Simpsons collector, owning a "Really Rude" Bart doll, a Butterfinger watch, or even a Franklin Mint collector plate are extended ways to enjoy the show.

A Simpsons collection is also a wonderful conversation starter. A great display of merchandise is impressive to Simpsons fans, and it often is a great way to launch a debate with those who think Bart needs a good spanking. But even someone who doesn't love "The Simpsons" can chuckle over Bart-shaped bath soap with packaging that reads, "Wash it, dude!"

Simpsons collecting is much like any good hobby that over time becomes at least mildly addictive. Most Simpsons collectors will admit that the hunt for an obscure item almost becomes as enjoyable as owning the merchandise, which often must be carefully stashed away to preserve its condition.

Although some hobbies can isolate, Simpsons collecting is more likely to bring fans together. Buying, selling and trading are some ways this happens. But often collectors simply like to share "war stories" and other experiences, offering tips on where to nab a hard-to-find piece of merchandise.

The community of collectors is generally known for passion and mutual support. Most collectors can go months, if not years, without getting seriously ripped off -- although caution is always a good idea when doing business with any stranger.

Will it send your kids through college?
Even if they don't dwell on it, most collectors have at least a passing interest in the potential investment value of their Simpsons merchandise. If for nothing else, they should know so they can properly insure the collection for its full replacement value.

Simpsons collecting -- or any other collecting, for that matter -- shouldn't be viewed as a sure road to wealth. In that area, the long-term value of collecting Simpsons, despite higher prices recently, remains unproven, just as it is for nearly every collectible of recent vintage. It's impossible to know whether value will rise or fall over time.

However, "The Simpsons" does fit the profile of past pop-culture phenomena whose licensed goods have sharply risen in value over time. Like "Lost in Space" or "The Brady Bunch," "The Simpsons" has strong appeal to kids between ages of 10 and 17 -- a time in their lives they'll want to recapture in their 30s and 40s. The one difference is that "The Simpsons" also appeals to adult viewers. That's a variable that might make the show's merchandise eventually fall more in line with the lasting popularity of "Star Wars" or "Star Trek."

Right now, collecting Simpsons merchandise remains the passion of a relatively few souls. A visit to any toy or collectibles show will likely hammer this point home. For every table sporting a single Bart doll or key ring, there are dozens of other tables piled high with licensed merchandise from "Star Wars," "Star Trek" and other properties. In fact, at any toy show, you're more likely to find a bigger selection of items from the 1960s than from "The Simpsons."

Another reason we believe prices for Simpsons merchandise will increase is that, especially in the early years, few people thought most of the stuff was worth collecting.

Most of the early '90s was either thrown away or is in pretty rotten shape -- scuff marks, rips and lack of packaging. These garage-sale leftovers are sure signs that children really did get to play with Simpsons toys. Adult investors didn't tend to race to the store to hoard and preserve them as "collectibles." Therefore, these relatively rare Simpsons goods in mint condition could end up being worth much more than other toys that were right away treated as collectibles and carefully preserved.

Or maybe not. Perhaps Twentieth Century Fox will flood the U.S. market with Simpsons toys in such a way that it depresses prices for the early stuff. Or people simply will -- aye carumba! -- lose interest in "The Simpsons."

In any case, the old axiom holds true here that collectors should buy only stuff they like. They can still be happy, no matter what happens to values.