China Chow(Photo: Courtesy of Bravo)

The first thing you need to do when looking to acquire is get information: Talk to people. Then go out there in the world and see things. You have to match the information you get with your experience. That, to me, is the formula.

Rule number one: Get what you love, always, regardless of who made it.

My favorite artist is Cy Twombly. His paintings are going for millions and millions and millions of dollars, but I'll still go and look at a museum or gallery exhibition of his work.

Don't necessarily go and look at art, even just in galleries, solely with the intention of purchasing.

My favorite galleries in New York are David Zwirner, the Gagosian, L&M Art, and Reena Spaulings for emerging artists. Then in Los Angeles there's L&M again, Regen Projects, and, if you're looking for editions, Gemini Gel.

A collection should be a balance of emerging works and ones that you acquire over time.

It doesn't necessarily matter how much money you have to spend. Art exists on every level.

It all started that way: All the art that hangs in museums started out with somebody looking around, gathering everything up, and then pulling the trigger.

—as told to Elizabeth Sile