(What's the Story) Morning Glory?

The next factor for you to consider is the history and provenance of the item. Everybody loves a good story, and collectors will pay a premium for memorabilia with a significant history. So consider this when you're choosing items for their future investment potential.

For instruments, were they played during famous gigs or used to record classic records? For outfits, were they worn on-stage, on album covers or in famous photo shoots?

For autographs, knowing the details of how, when and where they were originally acquired can make them far more attractive to collectors.

A great back-story, a documented history of ownership and photo-matching all add value to a piece. And if the piece is linked to a major moment in music history, you're really on to a winner.

For example: in 1994, a collector paid $44,000 at Sotheby's for one of Ringo Starr's drum skins featuring the classic Beatles 'Drop T' logo. He then spent eight years researching its history, and proved it was the same one used by Ringo during the band's landmark first appearance on the Ed Sullivan show in February 1964.

The next time it sold was at Julien's Auctions in 2015 – this time for $2.19 million. That's the power of owning a piece of musical folklore.