Wang traced his interest in collecting art back to the painting classes he began taking in the third grade, according to an interview he gave to Sotheby's magazine last year.
He started his collection with Chinese oil paintings from the early 20th century, and then sculptures and contemporary works of leading artists such as Leng Jun and Zhang Xiaogang.
He has recently purchased Western artworks to enrich his collection.
He bought Dutch painter Vincent van Gogh's still-life Vase with Daisies and Poppies for $61.8 million at a Sotheby's New York sale in 2014, and he acquired Spaniard Pablo Picasso's cubist portrait Woman with a Hairbun on a Sofa for $29.93 million in New York last May.
Last month, he splashed 207 million yuan on Jushi Tie (A letter on happenings), a calligraphic letter from Song Dynasty (960-1127) politician Zeng Gong, at a Beijing auction.
"I have done oil painting for years. I know little about classical Chinese painting and calligraphy. With the purchase of Jushi Tie I can learn more about ancient Chinese art," he says.
Wang has brushed up on his painting technique in recent years.
He displayed his works at Yuan Space, opened by Zeng Fanzhi, in 2013 and held a solo exhibition at Poly Art Center last year.
"Being a Chinese, I feel it's pretty sad if an art gallery does not have top-quality Chinese art. The reason I bought Jushi Tie was quite simple: I want to exhibit top Chinese artworks at my art museum."
Wang says he doesn't know how many artworks he has collected, only that he owns a large amount of Chinese art and that his museum will be an "amazing" one.
Separately, as Chinese art buyers with deep pockets like Wang diversify their collections, their extravagant purchases are sparking debates at home.
But the eyebrow-raising deals are being made not only as long-term, secure investments, but could also be used by collectors to promote their private galleries when they open them.
Shanghai billionaire and collector Liu Yiqian and his wife, Wang Wei, are a good example of this strategy.
The couple, who are listed among the world's top 100 collectors for 2016 by Artnet.com, own Amedeo Modigliani's Reclining Nude painting, which they bought at auction for $170 million in late 2015.
They also own the Long Museum that has two spaces in Shanghai and last month, they opened an affiliate of the museum in Chongqing.
