In Part 1, We explored the history and usage of the GMT Master, Which was created at the request of Pan Am, As well as the significance of the Pepsi bezel that was discontinued in April 2026. In Part 2, We will review the position of the GMT Master in the changed market after its discontinuation, The characteristics of references by era, And the auction prices in 2026.
Pre-owned Watch Market
'Market Capitalization' Top 5
GMT Master II Ref. 126710BLRO
https://www.41watch.com
The news of the discontinuation of the Pepsi bezel has driven up the price of pre-owned GMT Masters, Especially those with the Pepsi bezel reference. According to Chrono24 Magazine, The average price of the 126710BLRO rose from about $24, 300 in mid-February 2026 to about $28, 900 in mid-August, An increase of nearly 19% in just six months.
Ref. 126710BLRO Pre-owned Estimated Price
(WatchCharts Market Price)
https://watchcharts.com
As a result, The 'market capitalization' of the GMT Master in the pre-owned market has also grown. In the stock market, Market capitalization refers to the value obtained by multiplying the number of shares issued by the current share price, Representing the market value of a company.
However, For pre-owned watches, It is impossible to accurately determine the 'existing quantity' equivalent to the number of shares issued. Therefore, The 'transaction amount, ' calculated by multiplying the number of transactions by the pre-owned price, Can be used as a substitute indicator for market capitalization.
The transaction amount is a very important indicator when evaluating the value of a watch. Some watches are actively traded at low prices, While others are rarely traded despite being inexpensive. Conversely, There are high-value watches with such abundant liquidity that the question 'Will such an expensive watch really trade well?' becomes irrelevant. Even within the same price range, Trading volume varies greatly due to differences in brand value, Recognition, And the inherent appeal of the watch.
Iconic watches like the GMT Master have both high trading volume and significant price increases, Resulting in a very large 'market capitalization (transaction amount).' A representative data source for this is the Overall Market Index for pre-owned watches calculated by WatchCharts, A U.S.-based watch price analysis platform.
This index is calculated using a value-weighted method, Similar to KOSPI or the S&P 500. WatchCharts selects 30 models per brand, For a total of 300 models, Based on annual transaction amounts from the top 10 brands in the pre-owned market, And assigns weights according to each model's share of the transaction amount (rebalanced every January 1).
WatchCharts Overall Market Index
https://watchcharts.com
A value-weighted index is designed so that the larger the component, The greater its impact on index fluctuations. This is the same principle as Samsung Electronics, With its large market capitalization, Having a greater effect on KOSPI than Korea Zinc.
Statista S&P 500 Treemap (2023, English)
https://www.patinawealth.com
So, Which watches have the largest share in the WatchCharts Overall Market Index? As of June 30, 2026, When the shares by model are aggregated by collection, The Rolex Daytona (19.1%), Patek Philippe Nautilus (14.2%), Rolex Datejust (11.3%), GMT Master (11.2%), And Patek Philippe Aquanaut (6.7%) are considered the Top 5 'blue-chip' models.
Source: watchcharts.com
Then, How has this 'blue-chip = GMT Master' evolved over the past 70 years?
GMT Master, Reference Numbers and Features by Era
Even among GMT Masters, Design, Functions, And prices vary greatly by era. Which GMT Master reference from which era suits you best? Even within the same reference, There are detailed versions (Mk, Mark) that collectors value more highly depending on details and production volume.
Let us take a closer look at each one.
Ref. 6542: The Beginning of the GMT Master
Ref. 6542
https://www.hodinkee.com
Production Period: 1955–1959
This is the reference that first introduced the blue-red bezel, Also known as the 'Pepsi bezel.' It features a 38mm case without crown guards, And the early models used a bakelite bezel insert. Although not the very first GMT watch (the Glycine Airman appeared in 1953), It is a monumental model that inspired the GMT designs of many brands to follow.
Sold for $23, 040 at Sotheby's auction in June 2026
1958 Full Set Ref. 6542
Source: EveryWatch
Ref. 1675: The Representative Model of Vintage GMT Master
Ref. 1675 Gilt Dial 'Open Chapter Ring'
https://www.hodinkee.com
https://www.hodinkee.com"/>Ref. 1675 Matte Dial 'Long "E"'
https://www.hodinkee.com
Production Period: 1959–1980
This is the representative model of the vintage GMT Master, Produced for over 20 years. It introduced crown guards and increased the case diameter to 40mm, Establishing the basic design of the GMT Master that continues to this day. Collectors assign different values within the same 1675 reference depending on dial production method (gilt, Matte) and changes in markings (open chapter ring, 'exclamation mark, ' 'underline, ' etc.), Considering rarity and aesthetic completeness.
Sold for $89, 130 at Phillips Hong Kong auction in May 2026
1966 Full Set Gilt Dial (end of gilt dial production)
Source: EveryWatch
Sold for $16, 364 at Bolaffi auction in Italy in June 2026
1972 Matte Dial
Long E Full Set
Source: EveryWatch
Ref. 16750: The Starting Point of Neo-vintage GMT Master
Ref. 16750 Matte Dial
https://www.windvintage.com
Ref. 16750 Glossy Dial
https://www.hodinkee.com
Production Period: 1980–1988
Although the design is very similar to the Ref. 1675, It is a neo-vintage model equipped with the Cal. 3075 movement with a higher beat rate and a quickset date function, Making it suitable as a daily watch even today. As with the previous generation 1675, There are price differences depending on the type of dial (matte, Glossy).
Sold for $17, 500 at Heritage Auctions in the U.S. in April 2026
Matte Dial Full Set
Source: EveryWatch
Sold for $19, 606 at Sotheby's Hong Kong auction in April 2026
1984 Glossy Dial Full Set
Source: EveryWatch
Ref. 16700: The Last of the Linked GMT Hands
Ref. 16700
https://www.hodinkee.com
Production Period: 1988–1999
This is the last reference of the original GMT Master (the line without 'II'), In which the hour hand and GMT hand move together. With the discontinuation of the 16700 in 1999, The GMT Master lineup was unified as the GMT Master II. To draw a parallel with Porsche 911, It is like the last air-cooled 911, The 993.
Sold for $10, 909–14, 348 at European auctions in May–June 2026
Ref. 16700 Transaction Cases
Source: EveryWatch
Ref. 16760: The Beginning of the GMT Master II
Ref. 16760
https://www.hodinkee.com
Production Period: 1982–1988
This is the first GMT Master II, Allowing independent adjustment of the hour hand for easier time zone changes. The case became thicker to accommodate the new Cal. 3085 movement, Earning it the nickname 'Fat Lady, ' and it was released with a black-red 'Coke' bezel instead of the Pepsi, Which attracted much attention. During its production, It was sold alongside the original GMT Master (16750).
Sold for $10, 109 at Sterling Vault Auctioneers in the UK in March 2026
1987 Full Set
Source: EveryWatch
Ref. 16710: The Last Reference with Aluminum Bezel
Ref. 16710
https://www.hodinkee.com
Production Period: 1989–2007
This is the last GMT Master II to use an aluminum bezel. With the new Cal. 3185 movement, The case became thinner than the 16760, Making it more comfortable to wear. It was released with three bezel options: Pepsi, Coke, And all-black. At the end of production, Some pieces featured the so-called 'Stick Dial, ' where the Roman numeral 'II' was written with just two bars, Without the top and bottom lines, And these are valued more highly by collectors.
Sold for $17, 826 at Phillips Hong Kong auction in May 2026
2004 Full Set
Source: EveryWatch
Ref. 11671X: The Beginning of the Cerachrom Bezel
GMT Master II Ref. 116710BLNR
https://www.hodinkee.com
Production Period: 2007–2019 (for steel models)
This generation replaced the aluminum bezel with a ceramic-based 'Cerachrom' bezel. It was first introduced in 2005 with the yellow gold model (116718LN), And the steel model (116710LN) was released in 2007. In 2013, The blue-black two-tone bezel 'Batman' (116710BLNR) debuted and became as popular as the Pepsi. Meanwhile, The Pepsi bezel, Which had disappeared with the discontinuation of the 16710, Returned in 2014 as an 18K white gold model (116719BLRO).
Sold for $18, 375 at Grailzee auction in the U.S. in July 2026
Batman GMT Master II (116710BLNR)
Source: EveryWatch
Sold for $35, 840 at Sotheby's auction in June 2026
2017 White Gold Pepsi (116719BLRO)
Source: EveryWatch
According to VIVER's actual transaction data, The average annual pre-owned transaction price of the 116710BLNR (Batman) rose from 18.2 million KRW in 2025 to 23 million KRW in 2026 (based on 14 transactions since August 2023).
Ref. 126710: Continuing the Legacy
GMT Master II Ref. 126710BLRO
https://www.hodinkee.com
Production Period: 2018–Present
This is the current GMT Master II. The steel Pepsi (126710BLRO) debuted in 2018, Marking the revival of the steel Pepsi, Followed by the Batman (126710BLNR) in 2019 and the gray-black (126710GRNR) in 2024. It is equipped with the Cal. 3285, Offering about 70 hours of power reserve. However, With the discontinuation of the Pepsi bezel in April 2026, This generation left many collectors disappointed.
The impact of the discontinuation is also evident in VIVER's transaction data. The average monthly transaction price for unworn 126710BLRO Jubilee models rose from 33.38 million KRW in February 2026 to 43 million KRW in August, An increase of about 29%. In contrast, The pre-owned price peaked at 38.13 million KRW in May and then fell to 34 million KRW in September.
GMT Master II Ref. 126710BLRO (Jubilee) VIVER Transaction Price Trend
Source: VIVER Transaction Data
https://www.viver.co.kr/detail-models/1194
Summary of Production Period and 2026 Auction Prices by GMT Master Reference
Source: EveryWatch (auction prices, Including buyer's premium),
Chrono24 Magazine (126710BLRO average price)
Summary of Production Period and 2026 Auction Prices by GMT Master Reference
Source: EveryWatch (auction prices, Including buyer's premium),
Chrono24 Magazine (126710BLRO average price)
With a design identity that has lasted over 70 years, The trust that comes with the Rolex name, And liquidity proven by the market, The GMT Master is an excellent choice for both veteran collectors building their own collections and beginners considering their first watch. Check the actual transaction prices by reference for the GMT Master on VIVER and find the watch to accompany you on your next journey.
David Hwang
Watch Analyst
Watch Terminal
