Based on the first fundamental theorem of classical invariant theory we pre
sent a reduction technique for computing relative invariants for quivers wi
th relations. This is applied to the invariant theory of canonical algebras
and yields an explicit construction of the moduli spaces (together with th
e quotient morphisms from the corresponding representation spaces) for fami
lies of modules with a fixed dimension vector belonging to the central sinc
ere separating subcategory. By means of a tilting process we extend these r
esults to the invariant theory of concealed-canonical algebras, thus coveri
ng the cases of tame hereditary, tame concealed, and tubular algebras, resp
ectively. Our approach yields, in particular, a uniform treatment to an ess
ential part of the invariant theory of extended Dynkin quivers, a topic pop
ular over the years, but stretches far beyond since also concealed-canonica
l algebras of tubular or wild representation type are covered. (C) 2000 Aca
demic Press.