NEW YORK -- A rare violin crafted in 1731 will be going on auction in New York this month and is expected to fetch over 10 million U.S. dollars.

There are only about 150 such violins known to exist, and they are prized by musicians for their deep and rich tone.

Violinist Stefan Jackiw is one of the appreciators to this 292-year-old "Baltic" violin.

"When I play it, at first you think about who the other violinists who might have played it, what concerts it has been played in, where in the world it has been and then if you are fortunate enough to play it for an extended period of time, you kinda feel like you're just one person in the life of the violin," said Jackiw.

Now, this rarity is going under the hammer to be auctioned off to the highest bidder. The starting price for the musical instrument is 10 million U.S. dollars.

"We are starting at a very moderate starting price, we want to make it attractive. It is hard to price these things as they are so scarce and there are so few of them. Really few of them come available to the market," said Carlos Tome, director of Tarisio Auction House.

Moderate as its starting price may be, this violin crafted in 1731 by legendary Italian violin-maker, Giuseppe Guarneri del Gesu, has been part of the collection of Chinese-born businessman Sau-Wing Lam since 1979.

Chinese cellist, Wang Jian, whose musical education was sponsored by the businessman, says he is incredibly grateful to Lam for his contribution to classical music.

"I am incredibly thankful to Mr. Lam because he changed my life. What happened to me is almost like fairytale, it's a story you read in books, but it happened to me. And because of that, for me, he is the most incredible person I have ever met in my life. I think we need to cherish these people because these people are a reflection of the better part of humankind," said Wang.

Preciously preserved for almost three centuries, the "Baltic" still has melodic sounds and is the only violin to have ever been displayed at New York's Metropolitan Museum twice.