The lazy man's guide to knowing your art.

Over the past five years, Frieze New York has become one of the most important contemporary art fairs on the cultural calendar. From 5-8 May, 202 galleries from 31 countries will display the most buzzed about work from around the globe, and the inventively dressed art crowd will flock to Randall’s Island Park to see it. If you thought people at the Met Gala were wearing some bonkers outfits, you should see these guys. Anything goes.

With so much on display on and off the walls – not least a live donkey (if that controversial exhibit has not been shut down by animal rights activists) and a roaming pickpocket who is secreting mini-sculptures in people’s bags – it helps to have a game plan. We asked Mr Alexander Gilkes, co-founder of online auction house Paddle8, to pick out some highlights so we can all sound like we know what we’re talking about.

Concurrent with its gallery show in Chelsea, Hauser & Wirth will be featuring late works by the abstract expressionist Mr Philip Guston, who bears a strong influence on many painters working today. Mr Guston was a friend and rival of Mr Jackson Pollock – the pair were expelled from art school together – and he is perhaps best known for his cartoonish paintings and pop culture references.

Galleries seem to be particularly interested in female artists right now, so you’ll see a feminist theme to this year’s Frieze. Megadealer Mr David Zwirner is featuring assemblages by Ms Isa Genzken, a fearless Berlin-based artist. Her work is not easy to categorise, but she uses objects she’s found to create three-dimensional collages as a commentary on our consumerist society.

With a prodigious output, even at the age of 87, this scarlet-wigged Japanese dynamo – best known for her polka dots – is a true rock star of the art world. Having suffered nervous disorders and hallucinations since childhood, Ms Yayoi Kusama has chosen to live in a Tokyo psychiatric hospital for the past 40 years, and has built herself a studio opposite. Health permitting, she still makes a daily journey from the hospital to her studio to paint. Check out her work at Victoria Miro’s stand.

One of the headlines of this year’s Frieze New York is that Messrs Damien Hirst and Larry Gagosian – two of the most famous names in the art world – are rejoining forces after a mystery three-year separation. Mr Gagosian, who oversees a global empire of 16 galleries, is devoting his entire booth at Frieze to Mr Hirst’s greatest hits, including an early shark piece, a butterfly painting and a medicine cabinet.

Frieze New York is taking place at Randall’s Island Park, and runs till 8 May