The luxury watch market is currently witnessing an unprecedented surge in demand for one of Rolex’s most celebrated and iconic timepieces: the GMT-Master II “Pepsi.” This heightened interest on the secondary market is largely fueled by escalating speculation that the beloved model, known for its distinctive red and blue bezel, may soon face discontinuation. Such rumors often send ripples through the collector community and investment sphere, transforming perceived scarcity into tangible market action.
The stainless-steel variant of the GMT-Master II “Pepsi,” reference 126710BLRO, has become a focal point for watch enthusiasts and investors alike. Its striking bi-color bezel, reminiscent of the classic Pepsi-Cola logo, has cemented its status as a highly sought-after collectible since its reintroduction with a steel case and jubilee bracelet in 2018. The current surge in interest has intensified significantly in the run-up to “Watches and Wonders,” the industry’s premier annual showcase held in Geneva every April. This prestigious event is where many major brands, including Rolex, typically unveil their new collections and strategic updates, often setting the tone for the entire year. The palpable uncertainty surrounding Rolex’s potential announcements has ignited a flurry of activity among collectors, eager to secure a piece of what might become history.
Market data unequivocally supports this narrative of escalating demand. According to leading online watch marketplace Chrono24, buyer enquiries for the “Pepsi” model experienced a dramatic jump, increasing more than fivefold in early March compared to average levels observed in 2025. This remarkable spike indicates a clear rush to acquire the watch before any official announcements could potentially drive prices even higher. Simultaneously, data from the Bloomberg Subdial Watch Index, a reputable benchmark for pre-owned luxury watch values, reveals that prices for the Rolex GMT-Master II “Pepsi” have climbed by approximately $3,000 since the beginning of the year. This upward trajectory is further compounded by a significant decline in the number of available listings, suggesting that existing stock is being rapidly absorbed by the market, while potential sellers may be holding back.
This prevailing trend vividly illustrates the profound impact of perceived scarcity on the pre-owned luxury watch segment. Whether discontinuation is ultimately confirmed or remains purely speculative, the mere possibility is enough to rapidly influence pricing dynamics. The Rolex GMT-Master II “Pepsi” is not just a popular watch; it frequently serves as a bellwether for broader market sentiment within the luxury watch category. Shifts in its availability, demand, and price often reverberate across other highly desirable references, making its current trajectory a significant indicator of the overall health and direction of the secondary market. Collectors understand that models removed from production can often see their value appreciate significantly over time, turning a beloved timepiece into a robust investment.
Industry observers and analysts have noted the dual forces at play. On one hand, many existing owners and savvy dealers appear to be strategically withholding their inventory from the market, anticipating further price appreciation if the discontinuation rumors prove true. This creates an artificial tightening of supply. On the other hand, a surge of eager buyers is actively seeking out available pieces, quickly absorbing any watches that do come up for sale. As noted by expert Balazs Ferenczi, this combination of tightening supply and rising expectations creates a powerful feedback loop, continuously pushing values higher. It’s a classic supply-and-demand scenario amplified by emotional attachment and speculative investment, characteristic of high-end collectibles markets.
Adding fuel to the fire are unconfirmed reports emerging from authorized Rolex retailers. These reports hint at reduced or even completely halted deliveries of the “Pepsi” model to their stores. While Rolex, known for its notoriously secretive communications, has yet to issue any official statement or confirmation regarding the future of the GMT-Master II “Pepsi,” these whispers from the front lines of retail often carry significant weight within the collector community. The absence of official communication only serves to deepen the mystery and intensify speculation, leading many to believe that a major announcement is imminent at Watches and Wonders. This strategic silence by Rolex is a familiar tactic that often precedes significant product changes or unveilings, further captivating the market’s attention.
The ripple effect of this speculation extends beyond the “Pepsi” itself, influencing older and related references within the GMT-Master II family. Notably, the “Coke” variant, characterized by its distinctive red-and-black bezel, is experiencing a renewed surge in interest. This predecessor model was officially discontinued in 2007, making it a vintage collectible. The current speculation around the “Pepsi” has drawn attention back to its discontinued sibling, highlighting how the potential rarity of one highly sought-after model can significantly boost demand and prices across related pieces in the secondary market. Collectors often seek out historical antecedents or alternative popular variants when the primary target becomes harder to acquire, expanding the overall market excitement around the GMT-Master II lineage.
The GMT-Master II series has a rich history rooted in aviation, designed originally for pilots to track multiple time zones. Both the “Pepsi” and “Coke” models embody this utilitarian elegance, but it’s their distinct color schemes that give them their nicknames and unique identities. The “Pepsi” bezel (blue for night, red for day) and the “Coke” bezel (black for night, red for day) are not merely aesthetic choices; they represent different eras and design philosophies within Rolex’s continuous innovation. The stainless-steel “Pepsi,” in particular, gained immense popularity due to its more accessible material compared to its white gold predecessor, making its potential discontinuation a particularly poignant event for many.
As anticipation continues to build ahead of Watches and Wonders, the remarkable performance of the Rolex GMT-Master II “Pepsi” offers a compelling glimpse into the evolving dynamics of the luxury watch market. It underscores a significant shift, where market values are increasingly driven not solely by primary retail pricing or traditional brand marketing, but by powerful narratives of rarity, the psychological impact of perceived scarcity, and the collective sentiment of an engaged collector base. The emotional connection to iconic designs, combined with the allure of investment potential, ensures that models like the “Pepsi” will remain at the forefront of discussion and demand, shaping the future landscape of high-end horology. This ongoing saga demonstrates that in the world of luxury watches, history, design, and market speculation intertwine to create a vibrant and dynamic ecosystem where every whisper can translate into significant financial movement.