As next acts go, showcasing art and craft in a 15th-century Venetian palazzo is an audacious—and romantic—plan. Now, for Belgian fashion designer Dries Van Noten , it's a reality. Nearly two years after Van Noten stepped away from his role as the creative director of his namesake brand, the Fondazione Dries Van Noten opened its doors on April 25. Its mission: celebrating things made by the human hand, from art, fashion, and jewelry to objects in metal, ceramic, glass, and more.

On a recent day, in advance of the institution's inaugural show, a dozen of the 50 artists and collaborators whose work will be on view gathered for a portrait.…