Rolex made it official at Watches & Wonders 2026. The GMT-Master II Pepsi — reference 126710BLRO, red and blue ceramic bezel, the most recognizable GMT configuration in the lineup — has been discontinued. Authorized dealers stopped receiving deliveries months before the announcement, and the reference disappeared from AD websites before Rolex confirmed it publicly. The market had already figured it out.
For anyone who wanted a Pepsi and didn't buy one, the question now is what to do next. For anyone who owns one, the question is what this means for value. We've been buying and selling GMT-Master II references since 2000. Here's how we're thinking about it.
What Actually Happened
The signs were there for anyone paying attention. For several years, authorized dealers reported receiving fewer Pepsi examples than Batman references. Rolex has always struggled to manufacture the red and blue split ceramic bezel — the production challenge of creating a two-color ceramic insert without imperfection rates acceptable for Rolex's standards is genuinely difficult, and it apparently became more difficult to scale.
By early 2026, the 126710BLRO had disappeared from authorized retailer websites. Both Oyster and Jubilee bracelet versions were still showing on Rolex's own site as late as the announcement, which led to some confusion — but the confirmation came at Watches & Wonders: the Pepsi is out of the current lineup.
The Cookie Monster — the GMT-Master II in white gold with a blue and black bezel, reference 326719BLNR — was discontinued at the same time. Two of the most desirable GMT configurations gone in one announcement.
What Discontinuation Does to Price
The pattern is consistent. When Rolex discontinues a reference, pre-owned prices move up. Sometimes immediately, sometimes over months. The Hulk Submariner (116610LV) was discontinued in 2020 and has traded above its final retail price ever since. The original Kermit (16610LV) from 2003 commands premiums that a current-production equivalent doesn't.
The Pepsi was already trading well above retail. Pre-owned 126710BLRO examples on Jubilee bracelet with papers were running $16,000 to $19,000 against a retail price of approximately $12,750. That premium existed because demand at authorized dealers significantly outpaced allocation — the same structural imbalance that drove the Daytona premium, just less extreme.
Discontinuation removes the retail ceiling. There's no longer a "correct" price anchored to what an AD would charge if they had one. The secondary market sets the price entirely, and collectors who want one have only one place to look.
Early movement in the weeks following the announcement: pre-owned Pepsi examples on Jubilee are tracking toward $19,000 to $22,000 for clean examples with papers. Watch-only examples are following proportionally. The market is still finding its level.
Who Should Buy Now
If you wanted a Pepsi and were waiting for a better moment: that moment was before the announcement. The second-best time is now, before prices fully recalibrate to the new reality.
The Pepsi is not going to get cheaper. Rolex will not reintroduce it in the near term — the brand rarely brings back discontinued references, and when they do it's usually a decade or more later. The supply of pre-owned examples grows only as existing owners decide to sell, which happens less as prices rise and the watches feel more special.
What you're buying is a watch that was already the most desirable GMT configuration in the lineup, now made permanently scarce. The investment case is cleaner than it was a year ago. The wearing case is the same as it always was.
What Alternatives Exist
The GMT-Master II Batman (126710BLNR) is still in production and remains the second most sought-after GMT configuration. Pre-owned with papers: $12,000 to $15,500. The black and blue bezel is distinctive without being the Pepsi — some buyers prefer it, and current production means availability is better than it will be for the Pepsi going forward.
The Sprite (126720VTNR) — green and black bezel, left-handed crown — is also current production and has been gaining collector attention since its 2022 introduction. Pre-owned: $14,000 to $18,000. It's the newest and least proven of the colored GMT configurations, which cuts both ways on investment.
For buyers who specifically want the red and blue combination and are willing to look at older references, pre-ceramic Pepsi examples — the 16710 with aluminum bezel insert — are available at $6,000 to $10,000 depending on condition and bezel state. The aluminum bezel fades and scratches in a way ceramic doesn't, but original-condition examples have their own collector appeal.
If You Own One
Don't panic-sell into the initial announcement spike. The Hulk pattern is instructive: prices moved up after discontinuation, pulled back slightly as early sellers took profits, then stabilized higher than before and continued rising. Sellers who moved in the first weeks after the Hulk announcement left money on the table.
The Pepsi is a better watch than the Hulk by most objective measures — more versatile, more historically significant, more universally recognized. The discontinuation premium should be durable.
Browse our current pre-owned Rolex GMT-Master II inventory — we're actively sourcing Pepsi references and will list them as they come in. See our full pre-owned Rolex collection or read our Rolex investment guide for broader context on how discontinuations affect value. Looking to sell a Pepsi GMT? We buy pre-owned Rolex watches nationwide — contact us for a current market price.