T he Rolex GMT Master Pepsi, or simply Rolex Pepsi has commonly nicknamed, has long held a special place in the world of luxury watches. Its iconic red and blue bezel, reminiscent of the Pepsi logo, has made it one of the most recognizable designs within the Rolex collection. Introduced in the 1950s as a collaboration between Rolex and Pan American Airlines, the Rolex GMT Master was developed to provide pilots with a reliable way to track time across multiple time zones. Over the years, several rare and unique examples of the Rolex Pepsi have surfaced, each with its own distinctive features and history. The stainless steel Rolex GMT-Master II “Pepsi” reference 126710BLRO was officially discontinued on April 1, 2026, following Rolex’s Watches & Wonders 2026 announcements, further reinforcing the historical importance of earlier Pepsi references preserved in auction archives. Join us as we revisit six fascinating examples from the Sotheby’s archive.
| Feature | Takeaway |
| Discontinuation | The Rolex GMT-Master II “Pepsi” Ref. 126710BLRO was discontinued in April 2026, increasing interest in earlier references preserved in auction archives |
| Origins | Introduced in the 1950s in collaboration with Pan American Airways, the Pepsi bezel was designed to help pilots track multiple time zones |
| Early References | Models such as the Ref. 6542 and Ref. 1675 are among the most historically important examples, featuring early materials like Bakelite bezels |
| Provenance | Watches linked to notable owners or institutions—such as Pan Am pilots or government commissions—command strong collector interest |
| Rare Design Variations | Unique features like tropical dials, retailer signatures, and transitional lume markings significantly enhance collectability |
| Auction Performance | Vintage Rolex Pepsi watches consistently achieve strong results due to historical significance and limited surviving examples |
| Collector Appeal | The Pepsi remains a symbol of aviation heritage, technical innovation, and enduring design, making archival examples highly desirable among collectors |
This Rolex GMT Master Pepsi Reference 6542 was sold in May 2023 for 177,800 CHF. Produced between 1954 and 1959, this Rolex Pepsi watch was the original Rolex GMT Master model designed in collaboration with Pan American Airways for their pilots. It featured a 38mm stainless steel case and initially came with a fragile Bakelite bezel, which was later replaced by an aluminum version. A little known fact about the reference 6542 is that these watches were subject to a recall in the US. The Atomic Energy Commission stated that the levels of radiation from this watch were too high. This Rolex Pepsi watch has a brown leather strap honoring it's rugged and practical DNA.
Having arrived to the market with unique provenance, this Rolex Pepsi watch was originally owned by the PanAm Captain Clarence Jooj Warren Jr. and was originally consigned by his family. Captain Warren Jr.’s influence was felt across the country, as he was often requested personally by the White House and entrusted with the safety of Vice President Nixon in 1959. The above watch was featured in Captain Warren Jr.’s 1959 Pan Am flies on Rolex time advert, and is still viewable as the banner on the Rolex website on their Conquering the Skies page. Powered by the Caliber 1036 movement, the Rolex Pepsi Reference 6542 was distinguished by its gilt dial with radium lume and lack of crown guards, making it a highly collectible and historically significant timepiece.
This Rolex GMT Master Reference 1675 was sold in April 2018 for 85,000 GBP. The above Rolex Pepsi represented a unique combination of early design and exceptional preservation. Manufactured circa 1961, this Rolex watch featured a stainless steel case with a later bidirectional red and blue bezel. Its 39 mm case size and the accompanying stainless steel bracelet made it a classic in terms of both style and functionality. A highlight of this example was the brown color-change dial, which added to its visual appeal and historical value.
Equipped with the cal. 1560 automatic lever movement, this Rolex Pepsi model was not only a marvel of design but also a reliable instrument for tracking dual time zones. The luminous triangular, dot, and baton indexes, combined with the distinctive Mercedes hands, further enhanced its legibility. The rare brown dial, a feature that occurs due to aging, contributed significantly to the watch's allure. Signed by Rolex on the case, dial, and movement, this Rolex Pepsi reference was considered one of the most coveted examples from the early 1960s.
The Rolex GMT Master Reference 6542 was sold in October 2008 for 107,500 USD. Retailed by Serpico & Laino, it was one of the most sought-after Rolex Pepsi examples from the mid-1950s. This piece, manufactured around 1955 and sold by Sotheby’s in 2008, stood out for its Bakelite bezel, a fragile yet iconic feature of early Rolex GMT Master models. Encased in stainless steel, this 38 mm Rolex Pepsi watch boasted a beautifully aged black-to-brown dial, with luminescent dagger, dot, and baton indexes, further enhanced by luminescent Mercedes-style hands.
What set this particular reference apart was the retailer signature of Serpico & Laino on the dial, as well as the S y L Acero engraving on the case back, a rare and desirable feature among collectors. Many of these retailer marks were lost due to wear and polishing over time, making this example particularly special. The tropical brown patina color of the dial added an extra layer of charm and uniqueness, making it a prized addition to any Rolex collection.
The Rolex GMT Master Reference 1675 was sold in October 2020 for 50,400 GBP. Known for its underline double Swiss dial, the above Rolex Pepsi offered collectors a glimpse into the Rolex brand's transitional period. This 40 mm stainless steel model featured pointed crown guards and a rare case design found on early examples of the Rolex Pepsi reference 1675. Notably, the case was engraved with IV.63 and matched with the 1'004'132 serial number visible between the lugs at 12 o’clock. The underline and double Swiss markings on the dial indicated the transition from radium to tritium, a significant change in the watch's luminescent material.
This watch was powered by the cal. 1565 movement, a refined version of the original in-house Rolex GMT calibre 1560, and was known for its durability and accuracy. Offered on behalf of the original UK-based owner, this particular example came with a direct provenance. The well-preserved dial, with creamy patina on the indexes and gilt text, made this Rolex Pepsi example a standout among collectors seeking rarity in both model and provenance.
The Rolex GMT Master Desert Eagle Reference 1675 was sold in November 2023 for 48,260 CHF. The above Rolex Pepsi watch represented one of the more striking iterations of the Rolex Pepsi variation to come to auction. Produced in collaboration with the UAE government, this 1979 example featured a black dial adorned with the UAE's Quraysh Hawk, symbolizing the country’s cultural heritage. The hawk's red circle with a dhow, the traditional sailboat of the UAE, made this watch not only a functional tool but also a tribute to Emirati history.
This watch was originally gifted to the Royal Navy Clearance diver Tim Panter who had worked extensively in the Middle East. Accompanied by photo albums and dive logs documenting Panter’s career, the watch came with a rich and documented provenance. Recently serviced by Rolex, the Desert Eagle was not only a rare and unique variation of the Rolex GMT Master Pepsi but also a personal piece of history, adding to its desirability among collectors.
The Rolex GMT Master Reference 1675 was sold in May 2018 for 52,500 USD. The above Role Pepsi watch was an exceptionally early example of the iconic Rolex GMT Master series. Featuring a 39mm stainless steel case, it was powered by a caliber 1560 nickel lever movement with 25 jewels. Its black dial showcased luminescent triangular, dot, and baton indexes, complemented by Mercedes hands and a red arrow hand indicating the second time zone. The watch’s standout feature was its original red and blue rotating Pepsi bezel, along with well-preserved pointed crown guards. These were especially rare, as they were retired by Rolex in the late 1960s. Accompanied by the original Rolex Superlative Chronometer guarantee, certificates, and receipt from 1961, this piece was highly prized among collectors.
The Rolex Pepsi GMT Master has long been a symbol of luxury, functionality, and design innovation. These six rare examples from the Sotheby’s archive showcase the nuances and variations within the Rolex Pepsi variation, from early Bakelite bezels to rare dials marked with the UAE crest. Each of these watches tells its own story, whether through historical provenance, transitional features, or unique design elements. With the stainless steel Rolex Pepsi now discontinued as of April 2026, archival examples like those highlighted here continue to offer collectors valuable insight into the model’s evolution and enduring appeal.
Yes. The stainless steel Rolex GMT-Master II “Pepsi” reference 126710BLRO was officially discontinued on April 1, 2026, following Rolex’s Watches & Wonders 2026 announcements.
Even after discontinuation, the Rolex Pepsi remains one of the most historically significant GMT-Master configurations. Vintage and historically documented examples continue to attract strong collector interest due to their aviation heritage, recognizable design, and limited long-term supply.
Early models such as the Ref. 6542 and Ref. 1675 are prized for their historical importance and distinctive design features, including Bakelite bezels and transitional dial details. Limited production and strong provenance further enhance their desirability.
A tropical dial refers to a dial that has aged from black to brown over time due to environmental exposure. Collectors often value this natural patina because it creates a unique appearance and signals authenticity.
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