The museum's name is composed of
Waldemar, an Old German noble male name, and udde, meaning
cape. It is derived from a historical name of the island Djurgården,
Valmundsö (see
History of Djurgården.) It was the former home of the Swedish
Prince Eugen, who first encountered the place in 1892, when he rented a house there for a few days. Seven years later he bought the premises and had a new house designed by the architect
Ferdinand Boberg, who also designed
Rosenbad (the Prime Minister's Office and the Government Chancellery), and erected 1903–1904. Prince Eugen had been educated as a painter in
Paris and after his death the house was converted to a museum of his own and others' paintings. The prince died in 1947 and is buried on the grounds by the beach close to the house. ==Museum==