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.

The conservatory plans to establish the largest student scholarship fund in its history with the proceeds from the 311-year-old instrument. Master luthier Antonio Stradivari crafted the instrument in Cremona,

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