This was not an easy one to answer, as clay models take many weeks to develop and the second half of 1986 things started getting close to done. However, the photo is from indeed February 1987 and is of the final concept clay model (pre-design freeze), that was started on in late 1986.
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In August 1985, most of the Toyota designers sent to Malibu, California returned to Japan and spent the next 18 months designing the LS. In February 1987, the final design for the LS was set and then in May 1987, the design freeze was achieved. A short 3 months of cubing, which is a rare feat in the industry.
F1 Program Design Freeze for XF10 - May 1987
Notice the badging has no Lexus L yet.
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Here are some others all from 1986, I will add much more later.
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