1. Cultivate personal taste
You don't need to be a millionaire to buy art. What you need, however, is to spend time looking at art and gathering information.
You probably know of Takashi Murakami and Yoshitomo Nara, but there are many more artists out there that you can explore as well. One way of getting to know more about the plethora of works available on the market is to browse art online on reputable websites. The Artling, for example, categorizes artworks according to the medium, size, orientation and color. If you are interested in collecting art from a particular region, you can also pick the country of your choice.
Another strategy is to adopt the traditional method of researching. Visit art fairs and go to exhibitions in galleries and museums. Ask questions and read artists' biography pages. The best way to gain access to insider tips is to speak with other like-minded collectors.