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 in 1714 by the legendary luthier Antonio Stradivari has sold for $11.3 million at an auction in New York, short of estimates that would have made it the most expensive instrument ever sold at auction.