The secondary watch market is witnessing a sharp uptick in demand for the iconic Rolex GMT-Master II Pepsi, as speculation grows that the model may be nearing discontinuation.
Interest in the stainless-steel timepiece, known for its distinctive red-and-blue bezel, has intensified ahead of Watches and Wonders, the industry’s flagship annual showcase held in Geneva each April. The event often sets the tone for new releases, and uncertainty around Rolex’s plans has fuelled heightened collector activity.
According to Chrono24, buyer enquiries for the “Pepsi” model jumped more than fivefold in early March compared to average 2025 levels. At the same time, data from the Bloomberg Subdial Watch Index shows prices for the model rising by roughly $3,000 since the start of the year, while available listings have declined significantly.
The trend underscores how perceived scarcity—whether confirmed or speculative—can rapidly influence pricing in the pre-owned luxury watch segment. As one of Rolex’s most actively traded references, the GMT-Master II Pepsi often acts as a bellwether for broader market sentiment, with shifts in its availability reverberating across the category.
Industry observers note that some sellers may be holding back inventory in anticipation of further price appreciation, while existing stock is being quickly absorbed by eager buyers. Balazs Ferenczi suggested that tightening supply and rising expectations are creating a feedback loop that is pushing values higher.
Unconfirmed reports from authorised retailers hint at reduced or halted deliveries of the model, although Rolex has not issued any official statement.
The ripple effect is also being felt in older references, particularly the “Coke” variant of the GMT-Master II with its red-and-black bezel, discontinued in 2007. Renewed interest in this predecessor highlights how speculation around one model can lift demand across related pieces in the secondary market.
As anticipation builds ahead of Watches and Wonders, the performance of the Pepsi GMT-Master II reflects a market increasingly driven by rarity narratives and collector sentiment rather than primary retail dynamics alone.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
