Following late February reports that Rolex halted deliveries of the steel GMT-Master II “Pepsi” (ref. 126710BLRO), authorized dealers have removed the model from their sites, intensifying speculation despite its $11,800 listing on Rolex.com. Secondary market prices have climbed to $19,000–$24,000, with experts debating sustainability amid cooling luxury watch demand.
The iconic Pepsi, with its red-and-blue Cerachrom bezel, has fueled annual discontinuation rumors since 2022, reacting to events like Watches and Wonders.
As noted by Paul Altieri of Bob’s Watches, it remains one of Rolex's most popular models due to its heritage and appeal. Recent dealer delistings—such as at C.D. Peacock and London Jewelers—have boosted dealer values by over $1,200 in the past month, per EveryWatch cofounder Giovanni Prigigallo, distinguishing this from past hype cycles.
Joshua Ganjei of European Watch Company calls it a "cornerstone" model, predicting upward pressure from its wearability. Tim Bender of Collected notes full-set Jubilee examples jumping from $24,000 trades to $26,000–$27,000 asks, though he expects stabilization in the low $20,000s given eight years of production and post-pandemic demand normalization.
Eric Wind of Wind Vintage recently sold a 2019 example for $22,000 and anticipates rises for steel and gold versions. Questions linger on successors, like a ceramic “Coke,” as Rolex maintains silence ahead of Watches and Wonders 2026.