A Philadelphia developer has given Temple University’s Tyler School of Art $3.7-million to endow an international prize in the visual arts that will be worth $150,000 to the winner — a sum that makes it the world’s richest juried visual-arts award, the university says.

The annual prize will honor “work that transcends traditional boundaries and exemplifies the highest level of excellence in painting, sculpture, printmaking, photography, ceramics, metals, glass, or fibers,” according to the university announcement. Temple said a jury would select the winner from among artists nominated by “an international panel of fine-arts leaders.”

In addition to the monetary award, the winner will be given a solo exhibition at Tyler’s new building, due to open in January. The first competition will take place next fall, the university said, and the rules about eligibility and nominations will be finalized by February.

The donor is Jack Wolgin, the developer behind a number of buildings in downtown Philadelphia, including the Rittenhouse Hotel. Among Philadelphians, Mr. Wolgin is also known for having commissioned a 45-foot-tall Claes Oldenburg sculpture of a clothespin that stands in front of the Centre Square office complex, which Mr. Wolgin developed.

An alumnus of the Pennsylvania State University and the University of Pennsylvania School of Law, he has served on the boards of a number of cultural institutions, and has endowed two other prizes, both in Israel — the Wolgin Prize for Israeli Cinema and the Wolgin Prize for Scientific Excellence, which is given annually by the Weizmann Institute of Science. The new award will be called the Wolgin International Prize in the Fine Arts.

Mr. Wolgin, who is 92 and lives in Florida, said that creating the prize at Temple assured that “the work of great artists will be seen by (and be an inspiration to) students and Philadelphia residents of all backgrounds.” —Lawrence Biemiller