Last year, the billionaire Nicolas Berggruen made an important acquisition in Venice—he bought the Casa dei Oci, on Giudecca, which now hosts his Berggruen Institute. Recently, his friend Mario Codognato, who is a curator, convinced him to buy yet another building—the Palazzo Diedo, an 18th-century structure that was home to a family of aristocrats. Berggruen’s ambitions differ from the Guggenheim’s mission or that of the Fondazione Prada. Rather than serving as a gallery space, the palazzo will be reserved for commissioned works. Its debut commission comes from the American artist Sterling Ruby. He has painted a facade on the front of the building, which will evolve over the next two years as renovations are completed. —Elena Clavarino