Hew Locke's England's Rose
Photo: Sang An
Slideshow: Tour Peggy's House
1. "Trust your gut—buy artists who really grab you." 

2. Search for affordable pieces at art graduate school and high school exhibitions. 

3. Look for great inexpensive photos to purchase from newspaper or magazine archives. 

4. Buy an artist early. "It gives you a career to follow." One young artist topping her list is William Villalongo (WilliamVillalongo.com). "So many stories, which include mythical and military images, come out of his work," Cafritz says. Another favorite, Frohawk Two Feathers (TaylorDecordoba.com), creates watercolor and crayon portraits with historical themes. "They both have a tremendously layered aesthetic. They're students of history and archaeology. They're just amazing."

Editor's Note: We were shocked and horrified to hear about the fire that destroyed Peggy's home on July 29, 2009.  O contributing writer and editor Cathleen Medwick said, “Going inside that house was a delight and a privilege—it was so  alive and filled with meaning. Peggy didn't just collect those  pieces, she loved every one of them. It is a terrible loss. My heart breaks for her, and for all of us.” See photos from her house