I was reading the Buying Magic (How To) sticky and found it was locked when I wanted to add my two cents. Can this be updated from almost seven years ago? If so, I'll start with the following tidbit for those who really have an interest in magic and think they will either pursue it as a hobby, or even possibly performing for money.
I loved props, especially the pretty boxes that vanished and produced stuff. I grew up in an era when the classic prop makers (Thayer, P&L, Owens) made quality stuff that would not fall apart after a few performances. Since I've been away for awhile I'm not sure who is making the good stuff anymore (like did Abbott's get their act together?). I noticed the prices have gone up considerably on proppy stuff, so before you invest in something ask others who have the prop about its quality and its usability.
We have all invested money in a trick just to see how it works, I know I have. Then it went on the shelf and was never used because it either required some kind of manipulation that required practice, or the method was so dumb and/or unsuitable for the audience that you thought you might present it to. Unfortunately, you have to buy it before you get to see how it works - that is the magic shop rule.
What you can do to get around this rule is this. Learn to figure out stuff yourself. You can do this by reading books like the Tarbell eight volume set of books, or other recommended books that I'm sure others will recommend. Once you have the basics down on how stuff works, then that can be instrumental in your decision on whether you want to spend a hundred dollars on a trick that might work with a dimes worth of thread. I do not have problem with supporting other peoples creativity, but sometimes we set ourselves up thinking that what we are buying should be more complicated or mechanical than it really is. Ask anyone who has been in magic awhile if they have ever been disappointed in what they have bought.
Times are tough, money is tight, and sometimes you get what you pay for. So, make an investment in some good magic books before you spend $300 on a box that makes a silk vanish. You might just learn how to make that box yourself and save a bundle. My two pesos.

P.S. Madhatters is selling the Tarbell set for less than $150. You may find it less expensive if you research it. That's a real deal.

If you don't mind, I would like to add my perspective on entering magic. I came into magic in the late 1950's, bought from a magic shop, and that shop was my source until I found out about Abbott's years later, like 8 years later. The store owner did not want to lose my business to anyone. I have bought many props from Abbott's and they have been as well made as the Owen magic I obtained. Actually, better when it came to the wood props. Now most of their crafts have passed on or retired. I hear they have an illusion builder making the stuff, thus the higher prices and today's "new economy". I have never been disappointed in a magic trick I have purchased, because I fulfill my questions, that are:

Do I like this effect?
Will I learn, practice and perform this effect?
Will this fit in my current show?
Is it easy to carry and set up for my purposes?

I have never bought a trick just to find out how it was done, true I was purchasing the items in a magic shop or at Abbott's who are very helpful at showing tricks you may be interested in purchasing.

Since the World Wide Web has expanded, 99% of my purchases have been very disappointing, unless a reputable name is connected with the product, and the company or person I have grown to trust. Even with extensive research I have been duped. Nothing beats going to a magic shop and actually seeing the product. If the proprietor, usually versed in magic himself, can demo it, all the better.

My advice would be to educate yourself in magic as Spartacus suggested with the Tarbell course. I'll add Mark Wilson Course in Magic, and there are number of general magic books always on the market that have good tricks in them, and will give you a feel for what you may be interested in by subject. The Rice Encyclopedia of Silk Magic is an excellent set of books to learn Silk Magic. Be it Close-up, Street, Stage or Parlour magic. Then decide if you want to specialize in any one type over others, such as Silks, Rope, Coins, Cards, Props, Silks, etc. Also there are choices for Manipulation or Patter (speech) presentations. Also there is a choice in Comedy or Serious magic.

Note: The Tarbell Course and Rice Encyclopedia of Silk magic (4 thick volumes) are available on CD in PDF format at greatly reduced prices compared to the physical books.

By specializing in the things that interest you, you will grow faster. Try to stay away from the "Trick of the Month" hype and focus on what interest you. After all, buying a trick that does not fit into your plan is just resources wasted. And if the item is made in India, it is most likely junk and will not hold up or even perform the trick it is suppose to create. I think I have only seen and purchased 2 items that were made in India that were of any use. China products have also dropped their quality a lot. Japan products are still of high quality and are superior craftsmanship.

Hope this helps in some way.

Excellent advice there above me! I've wasted lots of money just to see how it's done only to shelve them or re-sell them at a loss. I've also found some of the most inexpensive effects can be the strongest. Paddle move effects are a good example. Similarly, while Dean Dill's beautiful box sells for anywhere from $200 to $300, it can be made for a fraction of the cost with minor woodworking skills. Great advice gents!

If you've been into magic for a long time, you'll probably end up with lots of boxes and drawers full of stuff you never use, just because you wanted to learn how it was done (many of us are into gadgets...). If you really are interested in the latest "tricks of the month", subscribe to Magic magazine, Genii, join IBM and get the Linking Ring--they all have reviews of the latest stuff being released, and it's helpful to see some opinions before shelling out your hard-earned cash. And of course read the Magic Café reviews, too.

I have written this before but will repeat.

As a preteen and into young adulthood I have "wasted" lot's of money and have been disapointed many times with my purchases. With that said, I would not change a thing if I could go back and do it all over again. Those day's of Yesteryear where a learning experience that nobody or book could ever teach me. Experience IS the best teacher. I miss those years.
Iven

Ditto irossall. I think that although we like to bemoan the "waste" of money and time , and there may be a few genuine regretful, dumb, idiotic purchases, Its part of learning magic. Everyone here has done it and despite all the warnings and very good advice to not fall into this trap. I believe that newbies reading this will do the same as always.

Ditto and ditto

I remember buying a floating hanky trick when I was 10 because it promised an amazing new method. When I opened the package it was a popcicle stick and at the end of the "effect" you were instructed to "vanish the gimmick using your favorite method." That's one invaluable lesson that I've never forgotten.

Sam

Regarding the buying of the "stuff," I'm as guilty as they come. I've found the current group of quality, great-value general magic prop producers to be (in no particular order) Mak, Abbott's, Mel Babcock (Magic House of Babcock), Steven's Magic exclusive props (which are made by a variety of craftsmen), The Trickery's exclusive props (again, made by a variety of craftsmen), and Owen Magic Supreme. I'm sure there are others, but these are the ones whom I have dealt with. (Another caveat is that I tend to collect close up, micro-magic, and bizarre magic now. That's a whole different can of magical worms. The producers I've listed tend to specialize in larger, classical props).

Now, these product lines vary drastically in price. So when I say "quality, great-value" I mean you get what you pay for. You cannot fairly compare an Owen die box to an Abbott's die box without looking at the cost of each box. But, you can compare what you get for the price, and I'd think you'd find a pretty equal ratio of price:quality:value.

Just my two cents. Or 25 cents if you found this to be of higher value.

Ickle Pickle used to make some nice, inexpensive but quality props but they seem to be scarce on the magic scene anymore. I think he's still out there, but not sure where or what he's making anymore.

My first order from a magic catalog included a real “floating ghost”. What came was a cardboard ring box containing a tiny Styrofoam ball wrapped in gauze and a short length of nylon thread. There are those here who could make real magic with that, but for me at that time, it was more than a waste; it was a disappointment. But it was also a lesson.

I think we need those lessons. They aren’t always pleasant, but we do remember them, and generally manage to build on them.

I wish all of my life-long lessons only cost two dollars!

I don't think I ever bought something just to learn the secret, but I sure have bought my fair share of useless or at least disapointing tricks. I should have learned by now that you just can't always trust you magic dealers amazing description of a trick, or even worse yet the video presentations. So if you don't wanna get disapointed don't buy stuff you havent seen in real life.