"I have been surrounded by antiques since I was born," says Francesca Bortolotto Possati, whose father and grandfather were passionate art lovers and avid collectors. This Venetian businesswoman and her two children live in a 17th-century palazzo overlooking the Grand Canal, filled with family treasures, books and the art and antiques she has added to the collection over the years. "One of the first paintings I purchased was a huge contemporary piece by Randy Carboni, an Italian artist who had his vernissage in a gallery in SoHo," says this former New York art consultant. "It was in the 1980s. I loved it the moment I saw it and still treasure it."

Possati’s collecting aesthetic was instilled early by her surroundings. Her grandfather Arnaldo Bennati, a shipping tycoon from Genoa, moved to Venice to get married and acquired the Bauer Hotel in the 1930s. Possati grew up on the Grand Canal in the Palazzo Mocenigo, Bennati’s stately 16th-century residence, which is still furnished with family heirlooms, including her ornate crib, which was made by the venerable 18th-century Venetian furniture maker Andrea Brustolon.

Possati, a savvy entrepreneur who combines connoisseurship with business acumen, owns four luxury hotels in Venice: The Bauer Hotel, The Bauer Il Palazzo, The Bauer Casanova and the just-opened Bauer Palladio Hotel & Spa. She also oversees the management of her family’s wine estate, Colmello di Grotta in Friuli-Venezia-Giulia, north of Venice.

Recently, she restored the Palazzo Mocenigo, which was built by the family of the same name. The painted frescoes, ornate ceilings and carved woodwork were created by the finest craftsmen of the time. She now leases the space to visitors interested in experiencing an elegant Venetian lifestyle with added touches such as a butler and chef supplied by the Bauer Hotel.

But collecting art is her first and true love. Possati remembers saving pocket money as a teenager to buy a small 19th-century portrait of a Venetian lady. "I was so excited that first night it hung in my room that I didn’t sleep at all," she says. And she delights in the sense of wonder that collecting is instilling in her children, who are in their 20s. Her son collects antique cameras, and her daughter collects posters and vintage reticules (small drawstring handbags).

"I love Flemish paintings and Venetian views, but I like modern and contemporary artists, too," says Possati, referring to her 16th-century floral still life paintings, René Magritte abstracts and several works by Robert Rauschenberg. Her favorite piece is an oversized (63" x 87") painting by Adriaen van Utrecht (1599–1652), which depicts an elegant lady and her maid at a market stall brimming with fruits and vegetables; it dominates La Stanza della Venezia, "The Venetian Room," the salon where Possati often entertains.

Hanging salon-style on the facing wall are 12 paintings from the 17th and 18th centuries depicting some views that can be seen from the window of this room, including Canaletto’s 18th-century painting "Santa Maria della Salute." Atop an 18th-century Venetian walnut console table beneath these paintings, Possati displays a mélange of favorites: a rare Murano hand-blown glass basket, circa 1600; a travertine marble sculpture of a lion, carved in 1750; and a small (16" x 18") Magritte oil painting titled "L’Ombre Monumental."

The focal point of the room is a suite of lacquer benches with open-work backs strewn with hand-painted flowers, which originally came from the 18th-century Palazzo Ca’ Rezzonico, now a museum. These pieces were commissioned specifically for the palazzo and purchased more than 20 years ago at a once-in-a-lifetime sale of some of its treasures.