Rolex has officially discontinued the GMT-Master II model featuring the iconic red and blue bezel, widely known as the “Pepsi,” at the Watches and Wonders show in Geneva this April. The decision marks the end of a storied chapter for what has been one of the brand’s most recognizable and beloved designs.

Introduced in 1954, the GMT-Master was initially created at the request of Pan Am Airways to aid pilots in tracking time across different time zones simultaneously. The signature two-tone bezel, half red to indicate daylight hours and half blue for nighttime, quickly gained popularity not only among aviators but also military personnel, celebrities, and adventurers worldwide. Over the decades, the watch underwent various technical upgrades, including the 1982 introduction of a quick set function on the secondary hour hand with the GMT-Master II.

Rolex also expanded the collection with a variety of bezel colorways and materials, including nicknames such as the Coke (black and red), Root Beer (brown and gold), Batman (black and blue), Blueberry (all blue), and Sprite (green and black). However, the transition from anodized aluminum to the more durable Cerachrom ceramic bezels in the mid-2000s proved challenging for the half-red, half-blue design. This difficulty led to the temporary discontinuation of the Pepsi bezel until technological advancements allowed its return in 2014 on white gold models and subsequently on steel variants in 2018.

Market experts believe that despite the current discontinuation, the Pepsi might return in some form. Paul Altieri, founder and CEO of Bob’s Watches, a leading online marketplace specializing in pre-owned Rolex watches, suggested a possible revival within three to four years. He highlighted ongoing challenges in producing the ceramic bezel and noted Rolex’s reputation for long-term innovation. “They are always looking for a better way of doing things and work on products years in advance,” Altieri said.

The discontinuation has already influenced the secondary market, with prices for steel GMT-Master II watches featuring the ceramic Pepsi bezel (reference 126710BLRO) rising significantly. Current resale prices exceed $25,000 on many platforms, reaching as high as $40,000, compared to the approximate $12,000 retail price from authorized dealers. Altieri reported a 25 percent reduction in supply on resale sites, attributing this to owners holding onto the watches now that new models are unavailable.

Among collectors, earlier Pepsi GMT-Master references remain popular. The 1989–2007 reference 16710 is considered the “sweet spot” for affordability and modern appeal, with prices generally ranging between $14,000 and $17,000 depending on condition. The original 1954-1959 reference 6542, known as the “Pussy Galore” after the character in the 1964 James Bond film “Goldfinger,” is especially prized due to its rarity and historic significance. Its Bakelite bezel was delicate, and a recall in 1961 following health concerns over its radioactive paint further limited surviving units.

Pepsi GMT-Masters also hold substantial value at auction. Notably, the reference 1675 worn by Marlon Brando in “Apocalypse Now” fetched $1.9 million in 2019 and later sold for 4.5 million Swiss francs in 2023. A 1971 Apollo 14 mission watch worn by astronaut Edgar Mitchell sold for $2.1 million, underscoring the premium placed on notable provenance.

Altieri recently acquired a unique 1977 Pepsi GMT-Master with a compelling history: it belonged to retired Air Force Capt. David Bartell, who wore it during a dramatic ejection from his F-105 Thunderchief fighter-bomber in 1978. The watch came complete with its original box, papers, and an archive documenting the incident. It has been added to Altieri’s private collection of approximately 200 Rolex watches.

Altieri plans to showcase selections from his collection, including this timepiece, in an exhibition organized with the Horological Society of New York later this year in New York City and Los Angeles. A corresponding coffee-table book, ten years in the making, is scheduled for release in November but will have limited distribution.