A violin handcrafted in 1714 by Antonio Stradivari, the famous Italian luthier, has been sold for $11.25 million by Boston’s New England Conservatory (NEC) at a Sotheby’s auction. The music school will use the proceeds from the storied violin’s sale to create a new scholarship opportunity for students.

The money from the sale of the violin, which was once owned by the 19th-century virtuoso Joseph Joachim, will benefit a scholarship program at the New England Conservatory.

A violin made by the famed Antonio Stradivari in 1714 has the potential to become the most expensive musical instrument ever sold when it goes up for auction at Sotheby's in New York.

Only about 600 instruments crafted by Italian violin maker Antonio Stradivari and his family in the late 17th and early 18th centuries are believed to survive, mostly in the hands of collectors. Private sales have reached as high as $20m, some reports say.

A Stradivarius violin has sold for $11.25 million (£9 million), with the auction house claiming it is one of the most expensive musical instruments ever sold.

The violin, made over 300 years ago by a legendary luthier, had been expected to sell for a higher price. The proceeds will go toward a scholarship program at the New England Conservatory.

Sotheby’s New York will auction a 1714 Stradivarius violin this week, estimated to fetch $12-$18 million. (AP Video: Ted Shaffrey)

The Joachim-Ma Stradivarius is regarded as one of the best violins the world has ever heard, and it's set to go on the auction block.

A rare Stradivarius violin, made over 300 years ago by Antonio Stradivari during his so-called golden period, fetched $11.3 million at auction in New York on Friday, Sotheby's said.