Piquet took the 23rd and final win of his F1 career after old rival Nigel Mansell, driving a Williams-Renault, suddenly stopped halfway round the last lap while leading by almost a minute.
On the driver front, Julian Bailey's funding ran out and he was replaced at Lotus by Johnny Herbert, who subsequently failed to qualify for the race, while Alex Caffi was out of action for Footwork as a result of injuries sustained in a road accident.
With Dallara's Emanuele Pirro fastest ahead of his team-mate JJ Lehto, followed by Jordan's Andrea de Cesaris and Bertrand Gachot, there was over a second between the four pre-qualifiers and the rest.
The Modena team was starting to run into financial difficulties, and the performance of their Lambo cars was also slipping, as Nicola Larini and Eric van de Poele ended the session down in sixth and seventh positions.
On the last lap, Mansell led from Piquet, Modena, Patrese, de Cesaris, and Gachot when he suddenly slowed to a halt at the hairpin.
There were rumours that Mansell had failed to change gear for the hairpin and stalled the car, or that he had turned off the engine accidentally while waving to the crowd during the final lap.
This is technically true, but was induced by Mansell failing to keep the revs sufficiently high on the engine to drive the electrical and hydraulic systems, thus causing the gearbox barrel to get stuck.