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.

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.

A Stradivarius violin made in 1714 was sold for $11.25 million by the Sotheby’s auction house Friday, establishing a scholarship fund at the New England Conservatory of Music.