Proceeds from sale of 1714 instrument will be used to fund scholarships for violinists at New England Conservatory

A Stradivarius violin crafted in 1714 sold for $11.25m (£9.1m) at a New York auction on Friday, missing the world record for a musical instrument that some predicted it might break, but still securing a solid financial future for a new generation of performers.

The 311-year-old instrument, listed by Sotheby’s of Manhattan as “a masterpiece of sound”, once belonged to the celebrated 19th-century Hungarian violinist Joseph Joachim, a close friend of the composer Johannes Brahms. It was gifted to the New England Conservatory in 2015 following the death of its most recent owner, a former student, Si-Hon Ma, with the understanding it would one day be sold to fund musical scholarships.