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 instrument, crafted in 1714 by Italian craftsman Antonio Stradivari and used by Hungarian-born virtuoso Joseph Joachim in the 19th century, went short of its estimate of between $12 and 18 million (£9.66 million and £14.5 million) on Friday.

Sotheby’s New York said the sale price of the Joachim-Ma Stradivarius is being used by the New England Conservatory (NEC) to establish a scholarship in support of future generations of musicians.

The instrument was crafted during Stradivarius’s “golden period”, during which he created his best work, and was gifted by the late violinist and teacher Si-Hon Ma, who earned his artist diploma from the NEC in the 1950s.

Andrea Kalyn, president of the NEC, said: “The sale is transformational for future students, and proceeds will establish the largest named endowed scholarship at New England Conservatory.

“It has been an honour to have the Joachim-Ma Stradivari on campus, and we are eager to watch its legacy continue on the world stage.

“We thank Sotheby’s for their partnership to make this named scholarship possible.”