The time when investing was simply for millionaires is long gone. The Sunday Tribune looks at some of the more unusual ways to make your million (or thousand) euro without spending too much first.

Art

You have to spend it to make it . . . but it's not just fine art that people are investing their money in. Andy Warhol's work rocketed after his death and now a new range of pop art is being marketed for investment by an Irish company. Steve Kaufmann and Tony Bennett, proteges of Warhol, have a number of pieces for sale that are being snapped up by Irish collectors, according to Pop Art Ireland. "We have a whole range of prints and pieces of work by these artists which are selling from between 500 and 5,000, " said Jason O'Callaghan of Pop Art Ireland. "And while no one can predict the future, it seems likely that after these artists' deaths their work will go through the roof in value."

Upsides: All the fun of picking a painting and the prestige of owning it too.

Downsides: It's a longterm investment with some risk and no definite profits in sight.

Gold

The thought of owning a bar of gold bullion or two is enough to make anyone dizzy, but gold is one of the strongest currencies on the market at the moment as the dollar continues to weaken. The power of gold goes in cycles that generally last for 15-20 years and as this one just began in 2001, experts are advising investors to consider putting 10% of their portfolio into gold for the next few years.

"From an Irish point of view, gold is a very attractive investment, " said Mark O'Byrne of Gold and Silver Investments Ltd. "There is no VAT, it's easily done and it can work excellently as a pension fund."

Upsides: Solid investment that will sell well for the foreseeable future.

Downsides: You can't flash your gold bullion around the house . . . it has to be kept in a proper storage facility.

Renewable energy

If everyone took the warning bells seriously, we'd all be up ladders installing solar panels on our roofs this summer.

All the same, there's no denying that an investment in renewable energy is going to save you a whole lot of money in the long term and, with large grants available from the government, there has never been a better time for doing it. For instance, installing solar panels on your roof costs a maximum of 6,000 and has a grant of 3,600. Given that one square metre receives an annual energy dose equivalent to 100 litres of oil, it's easy to see how it pays off.

Upsides: Say goodbye to the bulk of your energy bills.

Downsides: You won't see the benefits of a bulk sum unless you painstakingly save the money you would have given to the ESB and pals.

Wine

Most of us prefer drinking it but the global demand for fine wine, which is produced in very small quantities, has increased enormously over the last two decades. Every year, investors visit Bordeaux and other wine regions of France to taste that season's wines and to buy in bulk in advance of the wine's release two years later, by which time it is often worth up to 35% more. "People generally invest in wine for the love of it and for personal use, " said Peter Dunne of Mitchell & Son Wine Merchants in Dublin. "If they are planning on reselling, they would have to go operate out of somewhere like London, where it can remain duty-free."

Upsides: You get to taste loads and loads of wine before you buy.

Downsides: A lot of effort is required if you're going to make money from it.

Film

Investing in a film under Section 481 is something thousands of Irish people do every year, according to Andrew Lowe of Element Films, and with tax relief available from the government, it can be a handy way to make money once it's done properly.

"A person can invest up to 31,750, which is made up of a bank loan and a cash investment, " he said. "Making a profit isn't guaranteed of course but if you go with a reputable company investors can see returns from between 18,000 and 220,000."

People who put money into a film outside of Section 481 are taking a considerable risk, he warned, although the recent film Once, directed by John Carney, saw considerable returns for its investors. "It's mainly a case of caveat emptor, or buyer beware, " he said.

Upsides: Can be a handy little money spinner. . .

Downsides: . . . once you don't pick a dud.

Prize Bonds

Once associated with grannies and first holy communions, the popularity of investing in Prize Bonds has increased rapidly in the last few years, with sales up 90% in 2006. Now in its 50th anniversary, Prize Bonds is Ireland's longestrunning prize draw and since it developed an online service for checking results its popularity has soared.

Prize bonds are government securities which, instead of attracting interest, participate in draws for weekly cash prizes. The minimum investment is 25, making them accessible to all.

Upsides: The weekly thrill of finding out if you won something.

Downsides: The weekly disappointment when you don't.

Forestry

Buying land with a bunch of trees planted firmly on it may not initially seem the obvious choice of investment, but current investors are seeing an average return of 8% on their forestry funds.

Investors simply enter into a syndicate that buys up land with semi-mature forestry on it and sells it off after a period of 12 years or so. "It definitely is incredibly popular at the moment, " said Trevor McHugh of Irish Forestry Services. "Our last fund was over-subscribed within three weeks and at the moment we have 15,000 individual investors."

Upsides: Unless an alternative to wood is found soon, you're likely to make money.

Downsides: You're dependant on the force of nature to keep your trees thriving.