The Discontinued Rolex Pepsi GMT: What It's Actually Selling For
This past April at Watches & Wonders 2026, Rolex discontinued the steel Pepsi GMT-Master II, reference 126710BLRO. The Pepsi had spent years as one of the hardest Rolex sports watches to buy at retail and one of the brand's most recognizable models, and the discontinuation was being predicted well before Rolex made it official. Prices started climbing in February and March as the reference quietly came off some authorized dealer websites and the rumors spread. By the time the announcement came at the show, the run-up was already underway.
Where the Price Landed
Rubber Straps For Rolex GMT-Master II
Through February and March, asking prices pushed into the high $20,000s, and clean examples were listed in the $30,000s as sellers bet the discontinuation would keep values climbing. Those asks never found buyers. WatchCharts, which tracks closer to what the watch trades for day to day, now puts the steel Pepsi's market value around $21,655, not far above where it sat before the speculation started and well under the spring listings. The reference last retailed for $11,800 at an authorized dealer, so of course it holds a serious premium, even after the pullback, just not the 3x premium sellers were reaching for in April.
Chrono24 runs a touch higher, as it usually does, with a good-condition example at $25,891 at the end of May. We’ll see what that looks like at the end of June. Per Chrono24, the Pepsi peaked above $32,000 during the 2022 mania. Compared to that speculative bubble, this discontinuation price run-up looks minuscule, especially given how quickly it's already correcting.
The few listings still sitting in the $30,000s are not what people are actually paying. Like-new, full set examples change hands in the mid-to-high $20,000s and rarely push past that. Fine pre-owned examples with honest wear come in closer to $20,000.
Final Thoughts
We spoke with a prominent vintage dealer in May who had sold three Pepsis in the two weeks following the model’s discontinuation — all under $25,000. He explained that the hype built ahead of Watches & Wonders, and the discontinuation rumor pushed sellers to ask in the high $20,000s, but the buyers at that level never showed up. He listed one high, came back down, and sold examples around $24,500 and $23,500. The Pepsi still sells well above its $11,800 retail and above the mechanically identical GMT-Master II references in other bezel colors, but enough of them are in the market to keep the high asks from sticking.
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