At Monterey Car Week, a 1993 Ferrari F40 LM prepared by the famed Michelotto workshop was hammered for a record $11 million at RM Sotheby’s. The result far exceeded the pre-sale estimate of $8.5–$9.5 million, making this example the second most expensive lot sold by the auction house during the entire California event.
Ferrari F40 LM sells for record $11 million at Monterey Car Week
The scarlet supercar, originally built for racing and now a true collector’s icon, became one of the most notable sales of the week, reaffirming the timeless allure of the Prancing Horse. According to RM Sotheby’s, this F40 is the 14th of just 19 units converted to LM specification by Giuliano Michelotto, a key figure in Ferrari’s competition history.
Delivered new to Swiss collector Walter Hagmann in St. Moritz, the car had a dramatic start to its life, suffering an accident during a private test shortly after delivery. Repaired by Michelotto himself, it appeared as early as July 1993 in Auto Illustrierte, quickly achieving cult status.
In the years that followed, the F40 LM competed in various events and passed through several collections across the U.S. and Europe, before reemerging in Monterey in pristine condition. Ferrari dominated the week’s auctions across the board: RM Sotheby’s top lot was a 2025 Ferrari Daytona SP3 “Tailor Made” sold for $26 million for charity, while Gooding & Christie’s set a new benchmark with a 1961 Ferrari 250 GT SWB California Spider Competizione, sold for $25.3 million, shattering the previous record for the model set in 2015.
The F40 LM’s achievement, now the most expensive F40 ever sold, underlines how the market continues to reward limited-edition models with motorsport pedigree, even when their histories include documented repairs.
Michelotto conversions, lighter and sharper than the road-going version, have always commanded a premium thanks to their rarity and race-bred DNA. This year’s Monterey auctions reinforced a well-established trend: multimillion-dollar valuations are increasingly reserved for iconic marques, ultra-rare examples, and cars intrinsically linked to competition heritage.
