Yeah, anyone who gets into collectibles has to understand the market involved. The sad thing is that a lot of people view the umbrella term of "collectibles" as a get-rich-quick business opportunity. They're people who will invest money into something they don't understand with the idea that "anyone can make money, as long as you spend time on it." As anyone into collectibles will tell you, there's a big difference between actual fans and those looking to cash in.
When I was in high school, I played Magic:The Gathering, and although I primarily played for fun, the collectable aspect influenced my purchases and it was an easy way to see how supply & demand played into the actual price of a card. It also introduced me to the differences in trading, in how value is perceived by different people, and interestingly, the difference that consumers see between a retail entity (a "shop") versus a normal individual (short version: shops deal with cash and they expect to get a low-value deal).
I ended up selling off my Magic cards when I was in college and no longer played, and the high-value cards I was able to sell on eBay, in many cases for a profit. Of course, the actual total amount of money I spent on the hobby still put me in the red from a purely financial point of view, but the amount of fun I had with it meant that the "reimbursement" was a nice way to finish the hobby. But it was an actual hobby, and my involvement in the hobby gave me a deep understanding of the actual market -- which led to a successful sell-off when I was done.
However, even established collectible markets are fickle. My dad is into old cars and got interested in buying a car for cheap and then fixing it up. He purchased a 1950 Plymouth for cheap, and started to work on it. He quickly realized he didn't actually like working on cars! He still has it, unworked on, and has instead bought a "near mint" 1950s Plymouth for more money. He did some more reasonable restoration work, like repairing the dashboard, and found that he enjoys the finished cars much more than the "buy cheap and repair them as an investment" element. Again, though, the money that he's spent is justified in some way due to the actual enjoyment he gets from the cars.
Almost every story I've read about people who get into a collectible purely for the money end up losing out. To me, it's really not that different from trying to start a business with something that you're not familiar with. I don't think Ty is innocent in whipping up interest in Beanie Babies, but I was a teenager during the Beanie Baby craze and I heard FAR more people saying "they're cute, but not an investment." Any collector will tell you that for your collection to be worth anything, it has to have one of two things -- immense value to you, or immense value to someone else. If you don't keep track of whether there's value to someone else in your collection, then you better hope you really love whatever you're collecting. If not, you need to keep an extremely close eye on the market and know when to sell. Otherwise you're just spending money.