What is the GMT-Master II?

Among watch collectors, Rolex commands a certain respect, and functions as a benchmark for everything else to measure up. They're known for quality and durability, synonymous with luxury, and replete with timeless designs.

While most Rolexes will hold their value, and many will continue to appreciate after being purchased, 2018's Steel "Pepsi Dial" GMT-Master II has done noticeably well for resellers. Since its surprise announcement at Baselworld 2018, the watch has maintained a 100-200% markup on the aftermarket.

This particular model is a throwback to the original Rolex GMT-Master released in 1954. The first GMT-Master watch featured a bi-colored blue and red bezel that was dubbed the "Pepsi" by collectors. The Pepsi Bezel became an icon for the brand, and the watch earned the respect of pilots and navigators across the world.

The Pepsi Dial returns

The GMT-Master line diversified over time, bringing in new designs and phasing out the old as new technology emerged, and the Pepsi Bezel was eventually discontinued. During Baselworld 2018, Rolex showed off a new design for the GMT-Master II, prominently featuring the Pepsi design in a steel case.

The new design met instant acclaim, being a cutting-edge sports watch enclosed in a classic and iconic design.

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Depending on the store, these watches would originally retail for around $10,000, and were extremely hard to find. Stores often received very few watches at a time, at irregular intervals, and the intense demand meant they would be picked up very fast. Acquiring one through retail was nearly impossible, leading to a healthy aftermarket for the watch.

Resellers could expect to easily double their money, selling watches for $20,000 quickly. Surprisingly, this price would actually go on to increase further, reaching around $30,000 several years after release and this was mainly caused by a restriction in supply brought on by the COVID pandemic. The incredible popularity never faded, and resellers can continue to profit from the watches.

What do you think? Is the Pepsi Dial worth the markup? Or would you rather flip it and be done with it? While its no surprise to see high price tag attached to a Rolex, for a watch to continue to appreciate in value years after its release is something special.