LONDON—Dasha Zhukova shook up the Russian art world earlier this year when she announced that she was opening a contemporary art center in Moscow; now she is making waves in London.

The Evening Standard reports that Zhukova will be funding the Serpentine Gallery's annual Summer Party on Tuesday, which is one of the London art world's premier social events. Past sponsors include Yves St. Laurent and Swarovski, and counted among past guests are Jude Law, Pierce Brosnan, Kevin Spacey, and Princess Diana.

In addition to sponsoring the party, which will be Russia-themed in her honor, Zhukova is hoping to create a long-term association between the Serpentine and her space, the Garage Center for Contemporary Culture.

"I really love the philosophy behind the Serpentine Gallery," she said. "This is really a partnership that is being established. We're focused on thinking of how we can work together in the future."

An artwork for the event has been commissioned from Alexander Vinogradov and Vladimir Dubossarsky.

Hans Ulrich Obrist, co-director of exhibitions at the Serpentine, expressed him enthusiasm for the sponsorship, saying, "We have focused in recent years on China and India and now it's very exciting to have this dialogue with Dasha and the Garage as our first connection with Moscow. I think it's an incredibly exciting moment for art in the East."