A Stradivarius violin sold for $11.25 million at auction on Friday, showing the continued appeal of the legendary instruments, yet falling short of a record.
Video from the auction at Sotheby's in New York City shows auctioneer Phyllis Kao opening bidding at $8 million. Bids quickly rose to $10 million, then bidding ceased.
The final price includes auction house fees. Sotheby's said it could not share information about the identity of the buyer. The auction house had expected the instrument to sell for $12 to $18 million.
Sotheby's referred to the violin as the Joachim-Ma violin, which was built by Antonio Stradivari in 1714 in Cremona, Italy. It was most notable for having been played for decades by Joseph Joachim, one of the most famous violinists of the 19th century. It was acquired by violinist Si-Hon Ma in 1967, whose estate donated it to the New England Conservatory after his death.
The Conservatory, which has had the violin for the last decade, said the sale proceeds will go toward a scholarship program.
"The sale is transformational for future students, and proceeds will establish the largest named endowed scholarship at New England Conservatory. It has been an honor to have the Joachim-Ma Stradivari on campus, and we are eager to watch its legacy continue on the world stage," Andrea Kalyn, the Conservatory's president, said in a statement.
The record for the biggest sum paid for a musical instrument at auction remains with the "Lady Blunt" Stradivarius, made in 1721, which fetched $15.9 million in 2011.
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