A Rush for the Rolex ‘Pepsi’ as Prices Spike on the Secondary Market

Driven by discontinuation whispers, collectors move quickly to secure the enduring classic.

Rolex

Speculative assertions regarding the discontinuation of the Rolex GMT-Master II “Pepsi” are significantly impacting the aftermarket luxury watch market. The renowned collector-grade watch, characterised by a blue and red duo-tone bezel reminiscent of the classic soda can, has experienced a price increase of approximately $3,000 since the beginning of 2026, rising from just around $20,000 at its lowest to well above $23,000 by late March.

Bloomberg initially disclosed the increase utilising data gathered by the outlet’s Subdial Watch Index, which monitors prices based on several listings for the 50 most-traded watch models. The price of the GMT-Master II Pepsi has increased, resulting in an approximately 25 percent decline in the number of current listings monitored by Subdial. Industry publication WatchPro previously stated that Rolex Authorised Dealers were notified they would receive no additional shipments of the Pepsi colourway. Subsequent conjecture has arisen from Reddit watch communities and insiders such as Paul Altieri, CEO of the luxury reselling platform Bob’s Watches. “The GMT-Master II ‘Pepsi’ is a quintessential modern Rolex sports watch,” he informed Maxim. “Rolex has previously discontinued and subsequently reintroduced models, indicating that nothing is definitive; however, the removal of a steel Pepsi from the catalogue does attract buyer attention.”

The first Rolex GMT-Master Pepsi originated from a 1954 collaboration with Pan American World Airways to assist pilots with monitoring several time zones—red signified daytime, while blue represented nighttime. The bezel was initially constructed from delicate Bakelite, but the Swiss brand transitioned to anodised aluminium in 1959. The "Pepsi" moniker formally transitioned into the GMT-Master II period in 1982, including an independent hour hand that enabled travellers to track a third time zone by turning the bezel. Following a sabbatical in the early ceramic era, the renowned colourway reemerged in 2014 in 18-karat white gold, prior to the 2018 introduction of the Reference 126710BLRO, which reinstated the stainless steel Pepsi into the permanent collection on a Jubilee bracelet.

Bloomberg reports that the suspicion surrounding Pepsi is increasing demand for earlier models, such as the "Coke" GMT-Master II, which Rolex ceased production of in 2007. The model featuring a red-and-black bezel was supplanted by the ceramic bezel GMT-Master II series. Other discontinued varieties comprise the all-black “Lunette Noir” (retired in 2019) and the “Clint Eastwood,” the inaugural brown-and-gold “root beer” colourway, which premiered in the 1970s and was donned by the renowned actor in several films during the 1980s and early 1990s.