Art collector Agnes Gund recently sold her 1962 Roy Lichtenstein “Masterpiece” for $165 million, among the 15 highest known prices ever paid for an artwork, and used the proceeds to to create a fund that supports criminal justice reform and seeks to reduce mass incarceration in the United States.

The Art for Justice Fund — to be announced Monday at the Museum of Modern Art, where Ms. Gund is president emerita — will start with $100 million of the proceeds from the Lichtenstein.