I'm not a teacher or grammarian. I think your second sentence, "Not only is her art experimental, it is also controversial," is fine, and better than the first version. (Whether or not it parses correctly grammatically, there is an unwritten universal practice of leaving out words if the listener can effortless guess that they are there). Michael Abela's suggestion is fine, too.
The problem I have with it is logical. "Experimental" and "controversial" aren't opposing concepts. It is not surprising that "experimental art" would be "controversial." In fact, you would expect it to be. Therefore, I don't see this as a situation where "not only"/"but also" applies.
Let me put it another way: your phrase would be appropriate in the following hypothetical situation. Suppose you had an exhibition of "experimental art," and six of the artists were showing pictures that were experimental but were bland, harmless, and didn't bother anybody, while the seventh artist's pictures had some kind of strong political message that offended people. In this case you might say "her work was not only experimental, but controversial."