The steel Rolex GMT-Master II “Pepsi” is the one I’d consider paying above retail for—not because a rising price makes it a safe investment, but because the 126710BLRO combines a genuinely useful travel-time display with a bezel colorway that is unusually distinctive in Rolex’s steel lineup. The premium still has to make sense for the specific watch, its condition and its price basis.
What makes the steel “Pepsi” different
“Pepsi” is a collector nickname for the red-and-blue bezel, not Rolex’s official model name. The modern steel watch is reference 126710BLRO. Rolex specifies a 40 mm Oystersteel case, a bidirectional 24-hour bezel with a two-colour red-and-blue Cerachrom ceramic insert, sapphire crystal and water resistance to 100 m (330 ft). It is powered by calibre 3285. Rolex’s GMT-Master II collection information lists the model’s specifications.
The GMT function is more than decoration
The arrow-tipped 24-hour hand tracks a reference time against the bezel, while the local hour hand moves independently in one-hour increments. That lets a traveller change local time without interrupting the reference-time display. Rolex gives calibre 3285 an approximately 70-hour power reserve and a Chronergy escapement. The steel Pepsi is offered with either an Oyster or Jubilee bracelet, so a particular example should be identified by its bracelet rather than treated as one identical configuration. Rolex explains the GMT-Master II display and collection.
Why I’d pay a premium
The case for paying over retail is personal utility joined to design: the GMT hand and rotating 24-hour bezel can make the watch practical across time zones, while the red-and-blue insert gives it a recognizable identity without requiring a precious-metal case. That combination is compelling enough for me to consider a premium on the right example. It does not make every asking price sensible, and it is not a forecast that the watch will appreciate.
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- 12-Month Warranty: Backed by a 12-month manufacturer warranty for peace of mind. Designed to meet strict quality control standards for reliable everyday performance.
What the recent price evidence actually shows
There is no single definitive “Pepsi price” in the available figures. A reported transaction median, dealer asking price and total value transacted describe different things and should not be substituted for one another.
| Figure | What it measures | How to read it |
|---|---|---|
| $24,595 median sold price; typical range $20,995–$26,595 | Bob’s Watches’ reported steel 126710BLRO transactions in the 12 months ending July 31, 2026 | The retailer says these are transaction prices, not listings. It is one seller’s sample, not a universal clearing price. Bob’s Watches’ guide |
| Just under $25,000 | U.S. median dealer asking price reported by WatchPro on March 12, 2026 | An asking-price snapshot, not a completed-sale median or a live quote. WatchPro compared it with historical U.S. retail of $11,800 plus tax. WatchPro’s March 2026 report |
| From $21,295 to $25,433 | Bob’s Watches’ reported median for August–October 2025 versus May–July 2026 | The retailer describes a rise of about 19% across those windows and says movement began before the April catalog change. This is its own transaction data. Bob’s Watches’ guide |
| $43.99 million, up 78% year on year; transaction price up 16.47% to around $25,000 | EveryWatch’s H1 2026 report summary for the Jubilee 126710BLRO: transacted value and transaction-price change | Transacted value is aggregate activity, not the value of one watch. Because the summary also reports more transactions, the value increase cannot be read as a 78% individual price rise. EveryWatch’s market-report page |
These comparisons differ by source, period, geography and method; currency, tax treatment, bracelet, condition, completeness and sale date also matter. The historical U.S. retail figure is context, not a current price or a like-for-like quote. None of these sources guarantees future appreciation.
Rank #2
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Catalog removal adds context, not certainty
In March 2026, WatchPro reported that dealers had been told they would receive no further steel Pepsi deliveries, while noting Rolex had not confirmed discontinuation at that time. Bob’s Watches later reported that Rolex removed the steel 126710BLRO and white-gold 126719BLRO from its catalog in April 2026, at Watches and Wonders. That later catalog-removal account is from the retailer; it should not be recast as a formal Rolex discontinuation announcement. Catalog and stock status can change, and neither source establishes a successor or future reissue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to decide whether a particular premium is worth it
Before paying above retail, compare the individual watch—not just its reference number—with the price evidence and your reasons for wanting it.
Rank #3
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- Use comparable prices. Separate completed transactions from dealer asks; note the date, currency and geography of each figure.
- Confirm the configuration. Check that it is reference 126710BLRO, identify the Oyster or Jubilee bracelet, and establish whether components are original.
- Assess the individual watch. Account for wear, service history, box and papers, and any replacement or non-original parts. A reference alone does not determine value.
- Check the route to purchase. Rolex Certified Pre-Owned is available only through participating Official Rolex Retailers for qualifying second-hand watches at least two years old. Rolex says CPO watches are authenticated and serviced and come with a two-year international guarantee. Rolex Certified Pre-Owned terms explain the program.
- Price the utility, not a prediction. Decide whether the GMT display, bezel, 40 mm case and chosen bracelet are worth the premium to you even if resale values do not rise.
Rolex attributes this statement to founder Hans Wilsdorf on its CPO page: “We would never sell a single timepiece that is not technically faultless and that does not give full and complete satisfaction.” It appears there as the brand’s statement about its standard, not as an independently dated interview.
Quick Recap
Best Value
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- Powerful Pass-Through Charging: Supports up to 85W pass-through charging so you can power up your laptop while you use the hub. Note: Pass-through charging requires a charger (not included). Note: To achieve full power for iPad, we recommend using a 45W wall charger.
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Rank #4
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