I'll chime in a little differently. As one who has owned a couple of hand guns for many years but just started "collecting". I think it depends on your budget and how "sure" you are you want to get into this. For price/versatility I'd recommend a .38 or .357.
357: I think a 6" 686 can do just about anything you will ever need, except hide in your pocket. You will probably keep it forever, even if it is your only one. A 4" is a better for portability but not as quite good for hunting or long range target. (I'm sure many will disagree.)
However, a 686 is going to most likely run you over $500.
If you want to start out "collecting" and less utilitarian, you cannot go wrong with an M-19 but you may have to wait longer to find the right one.
38: On the other hand, you can start out with a Model 64 for $300 (or less) It can be used to teach you to shoot and be always be used for home defense, even if for some reason it is the last one you buy. A "collectable" step up from there would be a M-14, 15 or 67.
The truth of the matter is, a .38 special shoots paper just as well as a .357 for less money.
Unless carry is a primary need, I'd stay away from j-frames (the 5 shot .38's), and snub-noses at first, as the larger handguns are easier to learn and handle.
A few things to note if budget it a factor:
- 3-inchers are hot right now and will run a premium
- 22's S&Ws are also a bit pricey, but the ammo is real cheap
- the same gun in .38 will cost 60-$100 less than that in .357
- Stainless models are usually more available than the blue and take much less care
- leave the .40+ calibers for later.
A couple final notes:
- .32's are fun to shoot but much harder to find ammo
- .38 S&W is not the same as .38 special.