---
title: Ferrari F40 · HICONIUM
description: "A speculation object before it was a myth. The last car Enzo Ferrari signed off, traded above its list price before it was even built. No servo, no electronics; a Lexan window you flex with a thumb."
canonical_url: https://hiconium.com/vehicles/ferrari/f40
image: https://hiconium.com/og/vehicle/ferrari/f40.png
---

> HICONIUM · Index: https://hiconium.com/llms.txt · Every page: append `.md` or send `Accept: text/markdown`.
> Path: [Home](https://hiconium.com/) › [Vehicles](https://hiconium.com/manufacturers) › [Ferrari](https://hiconium.com/manufacturers/ferrari) › F40
> On this page: [The price and the proof](#the-price-and-the-proof) · [Enzo's last word.](#enzos-last-word) · [Technical specifications](#technical-specifications) · [Buying interest, silently.](#buying-interest-silently) · [Open a file on yours.](#open-a-file-on-yours) · [What moves the price](#what-moves-the-price) · [Eight F40s, not one](#eight-f40s-not-one) · [The F40 Berlinetta register](#the-f40-berlinetta-register)

![A red Ferrari F40, front three-quarter view on a rosso field with a hard bar of light](https://hiconium.com/_derived/images/cars/ferrari-f40/hero-wide-2560.jpg.w1920.q90.webp)

Market value · road

$2.4M–$3.9M

Typical $3.2M · 63 sales · +253% vs ’19–’20

$835K $8.6M

[Open Market & Price](https://hiconium.com/vehicles/ferrari/f40#market)

# F40

The ultimate Ferrari

A speculation object before it was a myth. The last car Enzo Ferrari signed off, traded above its list price before it was even built. No servo, no electronics; a Lexan window you flex with a thumb.

[View details](https://hiconium.com/vehicles/ferrari/f40#overview)

Market value · road

$2.4M–$3.9M

Typical $3.2M · 63 sales · +253% vs ’19–’20

$835K $8.6M

[Open Market & Price](https://hiconium.com/vehicles/ferrari/f40#market)

Market value · road

$2.4M–$3.9M

Typical $3.2M · 63 sales · +253% vs ’19–’20

$835K $8.6M

’04 ’26

Market history · in the terminal

[Open Market & Price](https://hiconium.com/vehicles/ferrari/f40#market)

Top speed 324 km/h (201 mph)

Power 478 PS (2.9L twin-turbo V8)

0 to 100 4.1 s (factory)

Transmission 5-speed (manual · dogleg)

Weight 1'100 kg (dry)

Production 1'311 (1987 to 1992)

Torque 577 Nm (at 4,000 rpm)

Displacement 2'936 cc (IHI twin turbos)

Drag 0.34 cw (Pininfarina, wind tunnel)

List price $400'000 (1987 · traded at 4–8×)

Market & Price

## The price and the proof

A terminal for one car: the model curve over the documented record, the benchmarks it is measured against, and the instruments that read it.

Records: F40 LM by Michelotto · 95448 — $11,005,000 · RM Sotheby's Monterey · 18 Aug 2025; Road F40 · 87345 (320 mi, ex-Iacocca) — $8,365,000 · RM Sotheby's Monterey · 15 Aug 2026. 119 documented road sales on file · 2004–2026.

HCN:F40 Live model

$3'169'352 -11.8% · 12M

1Y 5Y 10Y MAX +2Y

S&P 500 Gold

Crises

log lin

Model curve · anchored to 118 documented sales · benchmarks rebased at window start model v1 · seed ferrari-f40 · not investment advice

The readouts · model figures against the benchmarks 118 documented anchors · last sale 2 mo ago

Compound annual growth

| Window | This car* | S&P 500 | Gold |
| --- | --- | --- | --- |
| 1Y | -11.8% | +18.8% | +21.9% |
| 5Y | +26.3% | +11.4% | +17.6% |
| 10Y | +10.6% | +13.3% | +11.8% |

*Modeled price CAGR · S&P is a price index, no dividends

Deepest drawdown · model window

This car* -55.3% Aug 2013 → Oct 2014 · recovered Mar 2017

S&P 500 -50.8% Oct 2007 → Mar 2009 · recovered Mar 2013

Gold -39.3% Sep 2011 → Dec 2015 · recovered Jul 2020

Forecast ladder · model quantiles

| Horizon | P10 | P50 | P90 |
| --- | --- | --- | --- |
| +6M | $2.7M | $3.3M | $4.0M |
| +12M | $2.6M | $3.4M | $4.5M |
| +24M | $2.6M | $3.7M | $5.4M |

Median path with the 10th and 90th percentile · not investment advice

Transaction ledger · documented sales Mixed price basis · not estimates

All Road LM · Comp

Newest first

List Distribution

Search venue or lot

126 of 126 recorded sales · shown in USD · recorded currency in each record

- 2026 · 08 RM Sotheby's · The Monterey Auction 2026 · incl. buyer's premium Road $8.4M
- 2026 · 07 RM Sotheby's · Woodcote Park, Epsom, UK · incl. buyer's premium COMPETIZIONE $4.6M
- 2026 · 05 Broad Arrow Auctions · The Concorso d'Eleganza Villa d'Este Auction, Villa Erba, Italy · incl. buyer's premium Road $3.2M
- 2026 · 05 Mecum · Indy 2026 - Highlights, Indianapolis, USA · incl. buyer's premium Road $5.2M
- 2026 · 04 RM Sotheby's · Monaco · incl. buyer's premium Road $4.7M
- 2026 · 04 RM Sotheby's · Monaco · incl. buyer's premium COMPETIZIONE $3.5M
- 2026 · 03 Broad Arrow Auctions · The Amelia Auction, Amelia Island, USA · incl. buyer's premium Road $3.8M
- 2026 · 02 RM Sotheby's · Miami, USA · incl. buyer's premium Road $5.2M
- 2026 · 01 Mecum · Kissimmee 2026 - Highlights, Kissimmee, USA · incl. buyer's premium Road $6.6M
- 2026 · 01 Mecum · Kissimmee 2026 - Highlights, Kissimmee, USA · incl. buyer's premium Road $5.8M
- 2025 · 12 RM Sotheby's · Abu Dhabi, United Arab Emirates · incl. buyer's premium Road $3.9M
- 2025 · 10 Bonhams · Knokke-Heist, Le Zoute · hammer Road $2.5M
- 2025 · 10 RM Sotheby's · The Tailored for Speed Collection, Zurich, Switzerland · incl. buyer's premium Road $3.4M
- 2025 · 08 RM Sotheby's · Monterey, USA · incl. buyer's premium Road $2.8M
- 2025 · 08 RM Sotheby's · Monterey, USA · incl. buyer's premium LM $11M
- 2025 · 08 RM Sotheby's · Monterey, USA · incl. buyer's premium Road $3.9M
- 2025 · 08 Gooding · Pebble Beach Auctions · incl. buyer's premium Road $3.8M
- 2025 · 05 Broad Arrow Auctions · The Villa d'Este Auction 2025, Villa Erba, Italy · incl. buyer's premium COMPETIZIONE $2.5M
- 2025 · 05 RM Sotheby's · Milan, Italy · incl. buyer's premium Road $3.1M
- 2025 · 03 Broad Arrow Auctions · The Amelia Auction 2025, Amelia Island, USA · incl. buyer's premium Road $3.7M
- 2025 · 02 RM Sotheby's · Miami, USA · incl. buyer's premium Road $3.6M
- 2024 · 11 RM Sotheby's · London, UK · incl. buyer's premium Road $2.5M
- 2024 · 08 RM Sotheby's · Monterey, USA · incl. buyer's premium Road $1.8M
- 2024 · 08 Broad Arrow Auctions · Monterey Jet Center Auction, Monterey, USA · incl. buyer's premium Road $2.4M

Show all 126

The F40 taught the market its own lesson: it traded at four times list while still in production, fell below list within five years, spent a decade as a used Ferrari — and then took thirty years to become the record-setter it was born as. Price is a vote cast in an afternoon. Value is what remains, documented below.

Price range · road · open Confidence · medium Good road cars. LM and Competizione trade far higher. Early "non-cat, non-adjust" cars and prominent provenance command a premium.

Floor

$2.4M

Typical

$3.2M

Ceiling

$3.9M

Estimate band for good road cars. 63 documented sales since 2019 plotted below.

$817K $2.4M $3.2M $3.9M $8.7M

Hover the spectrum to read a value, or a dot for the sale behind it.

Band and axis shown in USD. Sale positions use indicative fixed-rate conversion to USD; sale readouts retain recorded currencies. The band reflects good road cars; LM and Competizione cars trade well above it.

Model record

$11,005,000

F40 LM by Michelotto · 95448

RM Sotheby's Monterey · 18 Aug 2025

Road record

$8,365,000

Road F40 · 87345 (320 mi, ex-Iacocca)

RM Sotheby's Monterey · 15 Aug 2026

The wider market · Ferrari at auction · median per year · modeled between anchors 2,297 lots · 2003–2026 · exact yearly anchors · modeled line

[Explore all 40,882 results](https://hiconium.com/market#terminal)

Instrument calibration for this file is in progress — the terminal above reads the documented record directly.

Documented, FX-normalized public sales with per-field provenance; F40 road cars only, LM and Competizione separate. The model curve is synthetic between documented sales. Nothing here is investment advice.

Overview

## Enzo's last word.

It grew from a programme that lost its race: the 288 GTO Evoluzione, five cars and nowhere to run them once the FIA killed Group B in 1986. Nicola Materazzi brought the turbos, Pininfarina the shape, drawn by Pietro Camardella and pared in the wind tunnel to a body on which nothing is decorative. Enzo asked for a finished car in eleven months and got it.

It was revealed on 21 July 1987 in Maranello, brought forward because Fiat was showing the Alfa 164 in Frankfurt. The name was the plainest sentence in the company history: Ferrari, forty years, F40, counted from the 1947 125 S. Thirteen months later Enzo was gone. What came after him answered to electronics; the F40 was the last car that did not.

Enzo Ferrari
Founder

![F40 cockpit: red cloth seats, open-gate shifter, exposed pedals](https://hiconium.com/_derived/images/cars/ferrari-f40/interior-cockpit.jpg.w1920.q75.webp)

### No servo, no apology

No ABS, no power steering, no electronics. Carbon underfoot, a cloth strap where the door handle should be, a Lexan window you flex with a thumb. The driver does the rest.

![F40 twin-turbo F120A V8 engine](https://hiconium.com/_derived/images/cars/ferrari-f40/engine-twin-turbo-v8.jpg.w1920.q75.webp)

### Two turbos, 478 PS

A 2.9-litre V8 that sulks below 3,500 rpm and detonates above it. Past 320 km/h it was the first production car to clear 200 mph, near enough that the factory said so.

![Overhead view of the F40 with its V8 under the glass engine cover](https://hiconium.com/_derived/images/cars/ferrari-f40/exterior-top-down-engine-cover.jpg.w1920.q75.webp)

### A body you could flex

The first series-production car built almost entirely from carbon, Kevlar and aluminium. Eleven panels, ~1 100 kg dry. Nothing on it is decoration.

Power 478 PS

0 to 100 4.1 s

Built 1'311

Designer Pininfarina

Launch ~$400'000

Reference

## Technical specifications

### Powertrain

Engine 2'936 cc V8, 90°, twin-turbo IHI turbos, Behr intercoolers; type F120A (US F120D)

Output 478 PS (471 hp / 352 kW) @ 7 000 rpm

Torque 577 Nm (426 lb-ft) @ 4 000 rpm

Compression 7.7 to 8.0 : 1

Boost ~1.1 bar

Layout Mid-engine, longitudinal

### Performance

Top speed 324 km/h (201 mph) factory; independent tests 315 to 321

0 to 100 km/h 4.1 s factory; early road tests to 4.7

0 to 400 m 11.9 s

0 to 1000 m 20.9 s

Milestone First production car past 200 mph

### Drivetrain & chassis

Transmission 5-speed manual transaxle, dogleg gate

Drive Rear-wheel drive

Suspension Double wishbones later cars: hydraulic ride height (+20 mm)

Steering Unassisted

Brakes No ABS, no servo

### Body & dimensions

Construction Steel tube frame, bonded composite carbon, Kevlar, aluminium; some Nomex

Body panels 11 main pieces (Pininfarina)

Drag coefficient 0.34

Wheelbase 2'450 mm

Dry weight ~1'100 kg

Kerb weight ~1'254 kg EU / ~1'369 kg US

Tyres Pirelli P Zero bespoke, Kevlar carcass

### Production & identity

Built 1'311 to 1'315 (1987 to 1992) official 1 311; some sources to 1 315

US-market cars 213

Designer Pininfarina Camardella / Brovarone; Fioravanti oversight

Reveal 21 July 1987, Maranello

Launch price ~$400'000 / DM 444'000

HICON BID

## Buying interest, silently.

A HICON Bid is a confidential expression of buying interest on the Ferrari F40 file — never public, never shown to other members. It is not a binding purchase, and HICONIUM holds no funds.

[Sign in](https://hiconium.com/sign-in)

HICON Bids are a member instrument. Sign in to place one.

The vault

## Open a file on yours.

You keep one? The record starts in your garage — identity, papers, photography, and the market evidence this file already carries, bound to your chassis.

[Sign in to open a file](https://hiconium.com/sign-in) [How membership works](https://hiconium.com/membership)

The value drivers

## What moves the price

Two F40s can be indistinguishable in a photograph and a million apart at the hammer: the difference is never in the paint. Build the file below and watch the band move.

Non-cat, non-adjust 20%–30% Pre-1990 spec: no catalyst, no adjustable suspension. The purist configuration collectors chase. ’25 Zürich · 83845 · CHF 2.96M — catalogued on the spec alone Delivery mileage 15%–35% A four-digit odometer with a storage history to explain it. ’26 Kissimmee · 93607 · 458 mi · $6.6M; ’26 Monterey · 87345 · 320 mi · $8.37M Classiche Red Book 8%–15% Factory-certified matching chassis, engine, transaxle and body. Leads every major catalogue entry since ’09 — its absence is the first question asked Early Plexi windows 5%–12% One of the first ≈50 cars: Lexan sliding windows, no door trim, 70xxx-series chassis. The prototype-adjacent series the registry watches Named first owner 10%–25% Mansell, Prost, Berger — documented in the file, not told at dinner. ’25 · 83249 ex-Prost · $3.89M against a $2.8M mean Repaint / colour change 10%–20% A green F40 makes headlines; originality makes money. Originality remains the harder currency in every catalogue note US cat & adjust spec 5%–15% 1991-on US federalised cars: catalyst, adjustable suspension, heavier bumpers. Euro-spec consistently out-hammers matched-condition US cars

Indicative band · the base car

$2.4M–$3.9M

a good, honest road car — before its file is read

$1.5M $11M

Spans are indicative, drawn from the documented sales cited beside each attribute. The calibrated multipliers — and how they compound for one specific chassis — are member instruments.

The variants

## Eight F40s, not one

The badge is shared; the cars are not. From the 1,311 road cars to the seven works GTEs, each variant trades in its own world. Choose one to read its file and the documented examples.

Berlinetta 1987–1992 1311 built 52 documented Berlinetta · US-spec 1990–1992 213 built · Prototype 1987 8 built 1 documented Valeo 1989 1 built · LM 1989–1994 19 built 6 documented Competizione 1989–1990 10 built · GT 1992–1994 7 built 1 documented GTE 1995–1996 7 built ·

### F40 Berlinetta

1987–1992 · Series production

The standard twin-turbo 2.9 V8 road car — the last model personally approved by Enzo Ferrari. 1,311 built, up from an originally planned 400.

Demand from thousands of would-be buyers pushed the run from 400 to 950 and finally past 1,300 cars. The earliest European cars — no catalysts, no adjustable suspension, sliding Lexan windows — are the purest of the breed and lead the market; catalytic converters and wind-up windows arrived from 1990.

[Open as its own file →](https://hiconium.com/vehicles/ferrari/f40/berlinetta-road)

- First production car past 200 mph — 324 km/h claimed
- Carbon, Kevlar and aluminium body in 11 main panels
- Early “non-cat, non-adjust” cars carry the premium
- Listed at ~$400,000 — queue places traded at multiples

Engine 2.9L twin-turbo V8 · F120A

Power 478 PS

Weight ~1'100 kg dry

Top speed 324 km/h

0–100 km/h 4.1 s

Typical value · Berlinetta

€2.6M

€0.5M log scale · 46 documented sales · family in grey €7.7M

The family · cars built

Berlinetta 1,311 · €2.6M Berlinetta · US-spec 213 · €2.4M Prototype 8 · €3M Valeo 1 LM 19 · €6M Competizione 10 · €5M GT 7 · €4.5M GTE 7 · €6.5M

Bars sqrt-scaled for legibility. The 213 US-spec cars are part of the 1,311 Berlinettas.

The cars

## The F40 Berlinetta register

Documented individual cars — chassis, colour, ownership and sale history. Open one for its full provenance. Public records only; members see the complete registry.

52 documented · public records

![Chassis 93892 — photograph](https://hiconium.com/media/med_20f4e530e968afcc7a97e6d9195a0db6/r1/w480-q75/960724217e2a45b2.jpg.webp) № 01 · 1992 ZFFGJ34B000093892 Chassis 93892 Published auction record from RM Sotheby's, 2026-02-27. $5.23M · Feb 2026

![Chassis 87568 — photograph](https://hiconium.com/media/med_285f7706271693eb0402b64ec31211f3/r1/w480-q75/3f68902f4f10a94a.jpg.webp) № 02 · 1991 ZFFMN34A5M0087568 Chassis 87568 3 published auction records from Gooding Christie's, Mecum, RM Sotheby's, 2019-08-17 to 2026-05-16. $5.17M · May 2026

![Chassis 83620 — photograph](https://hiconium.com/media/med_15211040c1e8ff86d4c4950dcca49f3d/r1/w480-q75/8dd01b1937375b65.jpg.webp) № 03 · 1989 ZFFGJ34B000083620 Chassis 83620 Published auction record from RM Sotheby's, 2026-04-25. €4.34M · Apr 2026

![Chassis 87041 — photograph](https://hiconium.com/media/med_c5033de780a5ebff27b1ccdeed94b90c/r1/w480-q75/8e0712b7fd5be052.jpg.webp) № 04 · 1990 ZFFMN34A0L0087041 Chassis 87041 2 published auction records from Gooding Christie's, RM Sotheby's, 2018-08-25 to 2022-08-20. $3.96M · Aug 2022

![Chassis 83249 — photograph](https://hiconium.com/media/med_19b806aa3d9e7b9209845227e2362347/r1/w480-q75/6f9a769c23775e12.jpg.webp) № 05 · 1990 ZFFGJ34B000083249 Chassis 83249 Published auction record from RM Sotheby's, 2025-12-05. $3.89M · Dec 2025

![Chassis 91097 — photograph](https://hiconium.com/media/med_2fac63aa3f2886ec21ad835054821fe2/r1/w480-q75/ffe2f2f94deac351.jpg.webp) № 06 · 1992 ZFFMN34AXN0091097 Chassis 91097 Published auction record from RM Sotheby's, 2022-08-20. $3.85M · Aug 2022

![Chassis 84642 — photograph](https://hiconium.com/media/med_f60ef272d45045ae3c52cdbb2e994353/r1/w480-q75/62e9266332a26cef.jpg.webp) № 07 · 1990 ZFFGJ34B000084642 Chassis 84642 Published auction record from RM Sotheby's, 2026-07-08. £3.6M · Jul 2026

![Chassis 89382 — photograph](https://hiconium.com/media/med_521d4c9cfb2d13fe66e38a185c86af81/r1/w480-q75/6bd4daefff20e766.jpg.webp) № 08 · 1991 ZFFMN34A1M0089382 Chassis 89382 Published auction record from RM Sotheby's, 2025-02-28. $3.58M · Feb 2025

![Chassis 84169 — photograph](https://hiconium.com/media/med_dfeecf2f690c7729b71519131f5b9564/r1/w480-q75/53bd9be3552c8706.jpg.webp) № 09 · 1990 ZFFGJ34B000084169 Chassis 84169 Published auction record from RM Sotheby's, 2024-06-01. $3.47M · Jun 2024

![Chassis 84116 — photograph](https://hiconium.com/media/med_b4f6b38a1407fb36c5ae5bb497f54fd7/r1/w480-q75/12775c8eaf2070c1.jpg.webp) № 10 · 1990 ZFFGJ34B000084116 Chassis 84116 Published auction record from RM Sotheby's, 2024-03-02. $3.36M · Mar 2024

![Chassis 85596 — photograph](https://hiconium.com/media/med_404d5b3c966df5c90372a35ce6e9279d/r1/w480-q75/8e03c4720883dc1e.jpg.webp) № 11 · 1990 ZFFMN34A2L0085596 Chassis 85596 Published auction record from RM Sotheby's, 2022-12-10. $3.25M · Dec 2022

![Chassis 84326 — photograph](https://hiconium.com/media/med_ea088d5b01d2d5338faff165f5e9b7e7/r1/w480-q75/bd4440b90a415e25.jpg.webp) № 12 · 1990 ZFFGJ34B000084326 Chassis 84326 Published auction record from RM Sotheby's, 2026-04-25. €3.18M · Apr 2026

![Chassis 80763 — photograph](https://hiconium.com/media/med_83f5419a15c48c24f417d17d416bd8ea/r1/w480-q75/092ab6ddb23f2b5b.jpg.webp) № 13 · 1989 ZFFGJ34B000080763 Chassis 80763 2 published auction records from RM Sotheby's, 2023-05-20 to 2025-05-22. €2.82M · May 2025

![Chassis 94647 — photograph](https://hiconium.com/media/med_611077d7c55fa406f634b30649508f6b/r1/w480-q75/7c71bc269482cc22.jpg.webp) № 14 · 1992 ZFFGJ34B000094647 Chassis 94647 Published auction record from RM Sotheby's, 2025-08-16. $2.75M · Aug 2025

![Chassis 87895 — photograph](https://hiconium.com/media/med_38859b84c79f5626d75c81c14ab885d9/r1/w480-q75/d1d9bb07bde10fa4.jpg.webp) № 15 · 1991 ZFFMN34A9M0087895 Chassis 87895 Published auction record from RM Sotheby's, 2021-08-14. $2.42M · Aug 2021

![Chassis 89385 — photograph](https://hiconium.com/media/med_f0abb46808ee6e56fc69ef791410e57d/r1/w480-q75/c4dff733e6a301fb.jpg.webp) № 16 · 1991 ZFFGJ34B000089385 Chassis 89385 Published auction record from RM Sotheby's, 2022-11-26. €2.31M · Nov 2022

![Chassis 94277 — photograph](https://hiconium.com/media/med_c154005471986ecf6cc0efa0ecf281fe/r1/w480-q75/50b972f994a54442.jpg.webp) № 17 · 1992 ZFFGJ34B000094277 Chassis 94277 Published auction record from RM Sotheby's, 2023-01-26. $2.15M · Jan 2023

![Chassis 93103 — photograph](https://hiconium.com/media/med_915c8cf701fc047f13252bd878cd52ec/r1/w480-q75/2418b786fc19bccb.jpg.webp) № 18 · 1992 ZFFMN34A0N0093103 Chassis 93103 Published auction record from RM Sotheby's, 2021-05-22. $2.04M · May 2021

![Chassis 83052 — photograph](https://hiconium.com/media/med_4751a33a28ce8e82341692b082203dd3/r1/w480-q75/dcbaac28e445451b.jpg.webp) № 19 · 1989 ZFFGJ34B000083052 Chassis 83052 Published auction record from RM Sotheby's, 2024-11-02. £1.97M · Nov 2024

![Chassis 86097 — photograph](https://hiconium.com/media/med_6d23271aef5e8cc9de71e28df7623f29/r1/w480-q75/2cf1f44d14f435b1.jpg.webp) № 20 · 1990 ZFFGJ34B000086097 Chassis 86097 Published auction record from RM Sotheby's, 2023-11-04. £1.96M · Nov 2023

![Chassis 88538 — photograph](https://hiconium.com/media/med_e2cfc3ddab16044e576e200ca14ee7be/r1/w480-q75/977a56d8b3a38eef.jpg.webp) № 21 · 1991 ZFFGJ34B000088538 Chassis 88538 Published auction record from RM Sotheby's, 2024-08-17. $1.79M · Aug 2024

![Chassis 80161 — photograph](https://hiconium.com/media/med_0a589e44c2747bfbcd0ee489d17d3248/r1/w480-q75/f78e2b45942fc032.jpg.webp) № 22 · 1989 ZFFGJ34B000080161 Chassis 80161 Published auction record from RM Sotheby's, 2018-12-08. $1.54M · Dec 2018

![Chassis 88895 — photograph](https://hiconium.com/media/med_304a8589ab3a6526addec1400ebf27dc/r1/w480-q75/0f111841e25f926a.jpg.webp) № 23 · 1991 ZFFGJ34B000088895 Chassis 88895 Published auction record from RM Sotheby's, 2022-11-05. £1.41M · Nov 2022

![Chassis 87627 — photograph](https://hiconium.com/media/med_d96642625be413efcc11ad17a1784fcf/r1/w480-q75/ea2b34525c5fdf6c.jpg.webp) № 24 · 1991 ZFFMN34A6M0087627 Chassis 87627 Published auction record from RM Sotheby's, 2020-08-15. $1.39M · Aug 2020

Show 24 more

24 of 52 shown

![Enzo Ferrari in his later years](https://hiconium.com/_derived/images/enzo-ferrari.jpg.w1920.q75.webp)

Enzo Ferrari, 1987

Heritage · Ferrari F40

> “I asked the engineers to build a car to be the best in the world. And now the car is here.”

![A bare F40 composite body shell on the line at Maranello](https://hiconium.com/_derived/images/cars/ferrari-f40/factory-body.jpg.w1920.q75.webp)

![An F40 with its twin-turbo V8 and chassis exposed in the workshop](https://hiconium.com/_derived/images/cars/ferrari-f40/factory-engine.jpg.w1920.q75.webp)

1986 · The order

### Eleven months

It began as a programme with nowhere left to race. Ferrari held a handful of 288 GTO Evoluzione development cars—five in several chassis accounts, six in Ferrari’s count. When the FIA closed Group B at the end of 1986, they suddenly had no series to run in. Enzo Ferrari, eighty-eight years old, asked his engineers for something else instead. Build a car to be the best in the world, he told them, and build it now.

They were given eleven months. Nicola Materazzi brought the turbocharging he had refined on Lancia rally cars; Pininfarina drew the body and pared it in the wind tunnel until nothing on it was decoration. The name was the plainest sentence in the company history: Ferrari, forty years, F40, counted from the first car of 1947.

The hands

### The people behind the car

The F40 carries the fingerprints of a small number of people, each of whom had already given Ferrari part of its language.

![Nicola Materazzi, chief engineer of the Ferrari F40](https://hiconium.com/_derived/images/nicola-materazzi.jpeg.w1920.q75.webp)

#### [Nicola Materazzi](https://hiconium.com/people/nicola-materazzi)

Chief engineer

The father of the F40. He carried turbocharging out of Lancia rally cars and aimed it at the road. Enzo gave him eleven months; he returned a car that ran to 324 km/h and asked its driver for nerve, not skill.

![Leonardo Fioravanti, Pininfarina design director](https://hiconium.com/_derived/images/leonardo-fioravanti.jpeg.w1920.q75.webp)

#### [Leonardo Fioravanti](https://hiconium.com/people/leonardo-fioravanti)

Design direction

The hand behind the Daytona, the 308, the 288 GTO. As Pininfarina design director he set the F40 line: nothing styled, the rear wing required rather than drawn. Four decades of Ferraris carry his eye, most of them unsigned.

![Pietro Camardella, who designed the F40 body at Pininfarina](https://hiconium.com/_derived/images/pietro-camardella1.jpeg.w1920.q75.webp)

#### [Pietro Camardella](https://hiconium.com/people/pietro-camardella)

Body design

Fresh from the Testarossa, he drew the F40 body under Aldo Brovarone. The result hides nothing: NACA ducts, the louvred glass over the V8, the wing that means it. A first major car, and a hard one to follow.

1988

14 August 1988

### Enzo Ferrari dies

Thirteen months after the reveal, the Commendatore is gone. Every Ferrari after him would answer to electronics.

The car he personally signed off: a provenance line nothing can replace.

![The F40 cockpit: cloth seats, an open-gate shifter, no carpet](https://hiconium.com/_derived/images/cars/ferrari-f40/interior-cockpit.jpg.w1920.q75.webp)

![The F40 twin-turbo V8 under the glass cover](https://hiconium.com/_derived/images/cars/ferrari-f40/engine-twin-turbo-v8.jpg.w1920.q75.webp)

![The F40 from behind on a wet road, louvred engine cover and rear wing](https://hiconium.com/_derived/images/cars/ferrari-f40/road-rear.jpg.w1920.q75.webp)

The object

### Nothing on it is decoration

Sit in it before anyone talks about money. There is no carpet, no radio, no servo. The door opens on a cloth strap, the side window is Lexan you can flex with a thumb, and the paint lies so thin that on some cars the weave of the body shows through. None of it is thrift. It is a position: Ferrari built a racing car in 1987 and let it just far enough onto the road to be legal.

Underneath is a steel tube frame bonded to carbon, Kevlar and aluminium; eleven panels, barely eleven hundred kilograms dry. Behind the louvred glass sits a 2.9-litre V8 with two turbochargers that sulks below 3,500 rpm and then detonates. Four hundred and seventy-eight horsepower, 324 km/h: one of the first road cars to bring two hundred miles an hour within a driver reach, and to ask for nerve in return.

2019

February 2019

### The reappraisal begins

An F40 LM takes €4.84M in Paris, the model record at the time. The market starts to read what it owns.

A line under the long undervaluation.

![The F40 in profile against a frosted winter avenue](https://hiconium.com/_derived/images/cars/ferrari-f40/frost-profile.jpg.w1920.q75.webp)

![The F40 in profile with its fitted Schedoni luggage](https://hiconium.com/_derived/images/cars/ferrari-f40/luggage-profile.jpg.w1920.q75.webp)

The myth

### The last word

It was meant for the Frankfurt show. Ferrari brought the reveal forward to 21 July 1987 in Maranello because Fiat wanted the stage, and Enzo stood in front of the car and said that it was here. Thirteen months later he was gone. Everything that came after him answered to electronics; the F40 was the last that did not.

What happened to it next belongs to the market, and the market lost its head. Before the car was even finished, the people who had ordered one were selling their place in the queue for several times the list price. Then it fell, and for the better part of a decade the most wanted car of its time changed hands as a used Ferrari. Forty years on, it is something else again: the benchmark the rest of the market is measured against.

On the record

### Milestones, on a line

The moments that set the F40's standing. Use the arrows, and hover a point to read what happened.

1987 Unveiled at Maranello Enzo presents it himself

1988 Enzo Ferrari dies His last car, signed off

1989 The speculation peak Four to eight times list

2006 The bottom Below list for a decade

2019 The reappraisal begins The market wakes up

2025 All-time record $11M for any F40

2026 Road-car record 458 miles, $6.6M

2026 The Iacocca F40 320 miles, $8.37M

21 July 1987

#### Unveiled at Maranello

Brought forward from Frankfurt, the F40 is shown at the Civic Centre with Enzo Ferrari standing in front of it.

The last car Enzo presented in his lifetime.

14 August 1988

#### Enzo Ferrari dies

Thirteen months after the reveal, the Commendatore is gone. Every Ferrari after him would answer to electronics.

The car he personally signed off: a provenance line nothing can replace.

1989

#### The speculation peak

Before the car is even built, places in the queue change hands for multiples of list. In Germany DM 3.2M is asked; Mansell sells his for about £1M in 1990.

Four to eight times its list price, paid for a car not yet run in.

2006

#### The bottom

After the bubble burst, the F40 spent over a decade below list. A good car changes hands in England for about £195k.

The most expensive dream of its time, a used Ferrari.

February 2019

#### The reappraisal begins

An F40 LM takes €4.84M in Paris, the model record at the time. The market starts to read what it owns.

A line under the long undervaluation.

August 2025

#### All-time record

A 1993 F40 LM by Michelotto takes $11.0M at Monterey, the most ever paid for any F40, though it once crashed hard under its first owner.

Even a damaged history could not hold this one back.

January 2026

#### Road-car record

A 1992 US car with 458 miles from the Bachman collection takes $6.6M at Kissimmee, the most ever for a standard F40.

Delivery mileage and a clean file at the top of the market.

August 2026

#### The Iacocca F40

Lee Iacocca's own 1991 F40 — 320 miles from new — takes $8,365,000 at RM Sotheby's Monterey, moving the road-car record up by nearly $1.8M within a season.

Provenance and delivery mileage in one car; the ceiling moves again.