Damien Hirst is on the foundation's advisory council

The Louise T Blouin Foundation, named after its Canadian arts publisher founder, will be based in London, New York and Paris.

She has pledged more than $30m (�15.8m) to the body, including $20m (�11m) for a London headquarters and arts centre.

Ex-US president Bill Clinton will be at the foundation's New York inauguration.

Mr Clinton, British sculptor Anish Kapoor and Clive Gillinson, former managing director of the London Symphony Orchestra, will receive awards at the event recognising their contribution to cultural development.

"Culture is the ultimate democracy," said Louise T Blouin MacBain. "We believe that culture can enhance creativity, which is the nervous system of society."

The Foundation is described as "an international forum for the generation and dissemination of new knowledge about the art and science of creativity".

It seeks to encourage educational institutions to "address the development of all the senses as a vital tool for discovery and learning".

Koons and Hirst are on the advisory council of the organisation, which will have its UK home in west London.