In Monterey, auctions are more than transactions—they are theater, celebration, and rivalry. At RM Sotheby’s 2025, the Ferrari F40 took the stage in two very different roles. On one side, a 1990 road-going F40, preserved like a time capsule with only 360 kilometers on the odometer and a single owner from new. On the other, its ferocious alter ego: a 1993 Ferrari F40 LM by Michelotto, one of just nineteen created, bred for endurance racing and transformed into a legend of the track.
The results spoke for themselves. The LM crossed the block at $11,005,000, while the road car achieved $3,855,000. The contrast highlights more than price alone—it underlines the dual legacy of the F40.
The Racing Soul of Michelotto
The F40 LM was conceived to push boundaries. Developed by Michelotto Automobili, Ferrari’s long-standing racing partner, the LM turned the already extreme F40 into a weapon: around 760 horsepower, sharpened aerodynamics, reinforced chassis and racing suspension. It wasn’t just an evolution, but a different species—engineered for competition, endurance, and raw speed.
The Monterey example carried impeccable credentials: Ferrari Classiche certification, original build documentation, period invoices, and a proven concours pedigree, including a class win at ModaMiami 2025. For a collector, that combination means certainty, prestige, and desirability.
The Untouched Road Icon
The road-going F40 of 1990 told another story. In its sought-after “non-cat, non-adjust” specification, it represented the purest expression of the model as it left Maranello. Its mileage—an almost unbelievable 360 km—made it a relic of time, a tangible reminder of what owning a brand-new F40 meant in 1990.
Preservation, authenticity, and rarity all played in its favor. Yet in Monterey, these qualities were not enough to outshine the aura of the LM.
Why the LM Commands More
The difference lies not only in horsepower, but in culture. The F40 road car is celebrated and relatively well represented in collections worldwide. The LM, by contrast, belongs to an elite club: extremely rare, built for motorsport, and recognized as the ultimate expression of the F40’s DNA. Its scarcity, combined with its competitive pedigree and pristine provenance, explains the premium.
Two Faces of One Myth
Together, the two cars encapsulate Ferrari’s dual soul: road and track, passion and performance. The market, at least in Monterey 2025, favored the uncompromising voice of the LM. Yet both remind us why the F40 endures as one of the most important Ferraris ever built—an icon that continues to inspire awe across generations.
The Monterey results confirm that in Ferrari collecting, the gap between a road car and a competition-spec model can mean millions. For those who own—or aspire to acquire—unique examples, having expert guidance is essential.
HMS provides bespoke consultancy for collectors and investors: market analysis, certification support, auction representation, and tailored collection strategies.
👉 Discover our services: www.hms.autos/en/services
