"The things [Prince] left behind are, in many cases, better than another artist's very best work," said Michael Howe, chief archivist for the Prince estate.
The late musician will 'live on forever' with the Pantone Color Institute's official hue of purple.
The Revolution and New Power Generation will be part of the festivities.
Will Prince's unreleased material finally see the light of day?
Dr. Michael Todd Schulenberg was at Paisley Park when Prince's body was found in an elevator.
Addressing the crowds gathered at Paisley Park, Tyka Nelson thanked fans for their support.
The Purple One will pay tribute to "those lost in the violence" and asks attendees to wear the color gray.