Smagulov began by collecting art from his peers, including early paintings by Almagul Menlibayeva and Askar Yesdauletov, as well as sculptures by Eduard Kazaryan. He then expanded his focus to modern Kazakhstani artists and, gradually, to international art.
Currently Almaty Museum of Arts’ collection comprises works by groundbreaking Kazakh artists such as Aisha Galimbayeva, Salikhitdin Aytbayev, Moldakhmet Kenbayev, Isatay Isabayev, Makum Kisamedinov, Rysbek Akhmetov, Shaymardan Sariyev, Tokbolat Togysbayev, and Zhanatay Shardenov as well as artists who spent significant time living in Kazakhstan, such as Sergey Kalmykov, Serenjab Baldano and Pavel Zaltsman. 
 
Also in the collection, are works by Kazakhstan’s next generation of pioneering contemporary artists like Rustam Khalfin, Sergey Maslov, Yerbossyn Meldibekov, Saule Suleimenova and Said Atabekov. The collection’s growing Central Asian portion  includes works  by  Saodat Ismailova from Uzbekistan and Jazgul Madazimova from Kyrgyzstan, while international dialogues within the collection are fostered by the presence of works by  artists such as  Khadim Ali, Xu Zhen and Jadé Fadojutimi to mention a few. Pieces by seminal international artists Richard Serra, Anselm Kiefer, Yayoi Kusama and Bill Viola, as well as specially commissioned monumental works of Yinka Shonibare CBE and Alicja Kwade also form a part of the collection.