The Vault › All references › GMT-Master
GMT-Master · 2018 to 2026 (discontinued)
“Pepsi”
Grade S · 93/100Today's call: Wait for a dip
S: trophy asset. Ranked #2 of 129 references in The Crown Index vault.
| Original retail (2025) | $11,400 |
|---|---|
| Market today | $25,000 – $30,000 |
| Vs original retail | +141% |
| 1-year trend | +38% |
Rolex discontinued the Pepsi in spring 2026 and the market went vertical: from roughly $20,000 to north of $30,000 within months.
The red and blue Cerachrom bezel is the most recognizable bezel Rolex makes, and this was the last steel reference to carry it.
The Pepsi bezel exists because Pan Am asked Rolex for a pilot's watch that showed two time zones at once in 1954. The red half marks daytime hours, the blue half night, so a pilot could tell at a glance whether it was 3am or 3pm back home.
Making red ceramic was so hard that Rolex patented the process; for years they were the only company on earth that could do it. That's why the Pepsi came back in 2014 on white gold only, at triple the steel price, before this steel version arrived in 2018 and broke the internet.
Our verdict: The hottest Rolex of 2026. Momentum is real, but you are buying a spike; expect volatility either way.
| Sizes | 40mm |
|---|---|
| Case & bracelet material | Oystersteel (stainless) |
| Factory bracelet | Jubilee or Oyster (both factory) |
| Factory bezels | Red and blue Cerachrom 'Pepsi' (only factory bezel) |
| Notable dials | Black (Jubilee or Oyster bracelet) |
| Caliber | 3285 |
| Production | 2018 to 2026 (discontinued) (discontinued) |
| Sold | Example | Price |
|---|---|---|
| Apr 19, 2026 | Mint, Oyster bracelet, full set (2 sold) | $26,979 |
| Feb 2, 2026 | Unworn 2026, Jubilee (3 sold) | $25,150 |
| Jan 12, 2026 | Unworn 2025, Jubilee, full set (6 sold) | $24,125 |
| Jan 9, 2026 | Unworn 2025, Oyster (2 sold) | $22,550 |
| Nov 11, 2025 | Mint 2023, Oyster bracelet · auction, 71 bids | $18,900 |
| Nov 11, 2025 | Mint 2018, Jubilee · auction, 61 bids | $18,700 |
| Nov 11, 2025 | Mint 2018, Jubilee · auction, 129 bids | $18,600 |
| Nov 5, 2025 | Mint 2021, Jubilee · auction, 85 bids | $20,300 |
Recorded eBay completed sales, logged at our last data refresh.
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