It's the start of the London art season. Public and private galleries save their best shows to coincide with the October opening of the Frieze and Zoo art fairs. A new collector couldn't ask for a better chance to see, learn about and possibly buy a work of contemporary art.

It is never easy to get started in collecting. It's not just a question of money. The art world can seem to be a secretive and exclusive club. The basic questions are: “How do I know what is good?” “How can I be sure that I'm paying the right price?” “Where should I go to buy?”

People come to collecting in different ways; I began nearly 20 years ago. My friends were artists, I started by buying early works. My relationship with art and artist is extremely important. But equally important are those with dealers, curators and other collectors. I read about art, I see endless exhibitions and still I'm learning.

New collectors will often say “I know what I like” but for me the greatest excitement is seeing a new work that I don't understand and perhaps don't like, then feeling the confusion slowing fading while a new and powerful understanding of something I cannot even always articulate finds its way into my consciousness. This is the real reward for a true collector.

The best way to learn is to become a member of a non-profit art institution. Prices vary, but you get what you pay for. The higher the level, the more access you have to artists, curators, gallerists and other collectors. Most serious collectors belong to several galleries or museums.

Each organisation has its strong points. The larger institutions are fantastic for the sheer volume of offerings, but smaller groups are sometimes so grateful for support that your initial experience can be better.

I have a particular love of the experimental, so it is not surprising that I am chair of Artangel, the non-profit group that supports unusual commissions, such as Seizure by the young artist Rodger Hiorns. At the same time I support Tate, the Whitechapel, and the Serpentine. There are so many others that I would support if I had more time - the Camden Art Centre, the ICA, South London Gallery, the Chisenhale or the Drawing Room. Each one has an individual identity and incredibly interesting people running them, so every collector has a chance to find an art home from home.

Good relationships with dealers are also essential. When visiting a gallery, talk to the dealer about the exhibition. If I don't know the artist I expect a dealer to be able to explain clearly why he or she thinks the work is interesting. I will look at the artist's biography and catalogues from past shows. If it interests me, I will ask about prices. Ask to go on the mailing list, and you will receive exhibition announcements and invitations to private views.

Over time you will find there are galleries that consistently show work you find compelling. You may develop a good rapport with the owners and buy a piece or two. Eventually you could become a favoured client and be offered the first choice of new work. This relationship takes time to develop, so if you have just met a dealer and are offered a pricey work from the back room, think twice.

Always buy the best piece that you can afford. Don't buy a bad work by a well-known artist, buy a great work by a lesser-known one. No investment is guaranteed, but at least with art you will be investing in your personal enjoyment. Prices vary, but you can make a few generalisations:

£1,000-£5,000 A “debut” artist who will have had a solo show at a gallery, and maybe been included in one or two group shows, preferably at a public institution.

£5,000-£10,000 “Emerging” artists will generally be represented internationally, by more than one gallery. They will have had multiple shows at commercial galleries, been included in museum shows and have attracted some critical notice.

£10,000-£70,000 Artists will have at least a three-year track record of exhibitions and sales, with prices rising as institutions buy and show them. They may have been in one of the many global biennials.

If you are planning to spend more than about £50,000 it is relatively easy to research artists' prices and reputations online. Be wary of “hot” artists whose prices suddenly rise on the market's hype. Likewise, don't overlook the less fashionable, established artists whose prices don't reflect their importance.

Art fairs may not be the best place for viewing art, but they are the most convenient way to see a vast range of current art work. Before attending any fair, serious collectors will often have researched what artists their favourite galleries are bringing and sometimes even ask the gallerist to place on hold a work that sounds desirable. For at least a day or two, collectors will “work” a fair, talking to dealers they know and meeting those they don't. Information is key to good collecting, and you can see serious buyers in close discussion with dealers, learning about the gallery artists, what type of works they do, what their prices are, what the artist may be doing in the future.

A perfect research tool for new collectors is the Frieze Yearbook. Published in mid-September, it presents a page of information on many of the artists whose work will be shown at the fair. Prices are not listed but the gallery names are given, which means you can check the website and find out more about not only the artist but also the gallery. If you aren't familiar with the London galleries, this is also a good way to start a list of the ones to visit.

If you do attend the fair, download the floor plan from the Frieze website and mark off the galleries you find interesting. By mapping out a viewing strategy in advance you can focus on what seems most important before fair fatigue sets in. Remember that a big stand at a fair usually means higher prices - so if your budget is limited you might find better opportunities in the smaller stands around the outer circle.

While Frieze is the main event in London, the Zoo art fair is unmissible. Aside from the range of young galleries and very affordable art, the sheer energy is enough to warrant a visit. On the opening day serious collectors arrive early hoping to make a new discovery. If your budget is £5,000 or less, you can almost certainly find something tempting. It is also worth keeping track of the London galleries with stands here - they will certainly be among the best of their kind and be worth visiting on a regular basis.

There is more than any one person can do and see in this month of art festivities, but it's an unmissable opportunity to get a taste for what the contemporary art world has to offer. The best advice is still to look, to learn and become part of the art world itself. For the passionate and dedicated individual, collecting is not just about the object. It is about the journey taken in finding it.

Judith Greer is co-author of Owning Art: The Contemporary Art Collector's Handbook, and chair of Artangel

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