Austrian art has evolved past such concerns, but what could the Albertina Modern mean for museumgoers in Vienna? Its mission fills a vacuum in Austrian art history, moving beyond the Austrian favorites Gustav Klimt and Egon Schiele so often on view at the Belvedere or Leopold Museums, and offering an alternative to Mumok and the Kunsthalle Wien’s focus on more recent international art and performance.

The president of the Artists’ Society, Tanja Prusnik, is optimistic about the shared real estate. “Synergies are possible,” she said. “We can bring more people into the Künstlerhaus. We got our building back in a condition that can bring us further, and we’re visible again.” (The Künstlerhaus show “ReOPENING” began on March 6.)

The public-private partnership that enabled the restoration is rare in a country where private arts funding is viewed with suspicion: Mr. Haselsteiner’s patronage could set a precedent.

Jasper Sharp, a curator at the Kunsthistorisches Museum in Vienna, pointed out that the Albertina Modern treads close to the territory of other Vienna museums, and that Mr. Schröder has long been criticized for moving his institution too far from drawings and graphics. But, he added, “a historical building in the center of Vienna has been renovated, and a number of important Austrian artists whose work is not always found in permanent collection displays here will now be presented more frequently,” he said.

For his part, Mr. Schröder said: “I think that many more Austrian artists will be canonized into international art history in the next few years. This is one of our goals. Albertina Modern has to be able to show how rich Austrian art actually was.”