Rolex GMT-Master II ‘Pepsi’ ref. 126710BLRO and ‘Batman’ ref. 126710BLNR

The Origins

Released in 1954, the GMT-Master was the result of the airline Pan Am and Rolex collaborating to design and create a watch that would be capable of telling the time in two different places at once. With the growing popularisation of commercial flying and the distances of flights becoming greater, pilots were travelling across time zones at an increasing pace and frequency. This resulted in a need for uniformity across the aviation industry so as to eliminate timing errors and the like. As a result, the aviation industry began to use a standard time zone and the Greenwich Mean Time was chosen. As such, the GMT-Master's fourth hand, its 2nd hour hand, was to stay on Greenwich Mean Time - which is where the name for the watch comes from. While the aviation industry switched to Coordinated Universal Time (UTC) in 1972, and pilots now set their watches to UTC, the name of the legendary GMT-Master was far too long in use for Rolex to change it.

The GMT-Master's evolution is clearly defined in two separate stages. These are designated by the naming conventions that Rolex have used since the collection’s debut. The first GMT is simply known as the GMT-Master, while its successor is known as the GMT-Master II. Produced between 1954 and 1988, the GMT-Master saw the collection move through several different case sizes, bezel insert materials, bezel colour combinations, dial designs and more. However, following the launch of the GMT-Master II in 1988, the collection has remained relatively true to its origins with a quite consistent design language barring the change from aluminium bezel insert to ceramic inserts that began in 2007. Today, Rolex have begun to experiment with the GMT-Master II once again, with two of its most popular modern variants being the so-called “Pepsi,” and the so-called “Batman”. Since both of their debuts, the “Pepsi” and “Batman” have grown to become some of Rolex’s most sought-after models, so let’s explore what they are all about. 

The Case and Dial

Nicknamed after the colours in their bezels, the “Pepsi” features a blue and red bezel insert, while the “Batman” boasts a black and blue combo. While the “Pepsi” is the GMT-Master’s most historic colour pairing as it was the original combination Rolex used, the “Batman” is one of the newest, with the black and blue bezel insert only debuting in 2013 with the ref. 116710BLNR. In a similar vein, the modern “Pepsi” as we know it was only launched in 2018 as the ref. 126710BLRO, which marked the first use of the “Pepsi” colour combination since it bowed out of Rolex’s catalogue in 2007.

Beyond their bezels, the “Pepsi” ref. 126710BLRO and “Batman” ref. 126710BLNR both feature identical constructions, with 40mm stainless steel cases, black dials and the option of either a Jubilee or Oyster bracelet. Interestingly enough, these bracelet choices can have a profound impact on both models’ market value, and even the name used when referring to the “Batman,” with the term “Batgirl” generally used to describe a blue and black ref. 126710BLNR offered on a Jubilee bracelet, and “Batman” describing it on an Oyster bracelet. This distinction was made when the ref. 116710BLNR, the older “Batman” that was only offered on the Oyster bracelet, was discontinued and replaced by the ref. 126710BLNR, which was originally only offered on the Jubilee bracelet. Today, the ref. 126710BLNR is available on either bracelet option, yet the nomenclature remains. 

The Movement

As with any ref. 12xxxx model from Rolex, both GMT-Master II variants boast the latest GMT movements that Rolex has to offer, and for the GMT-Master II’s needs, that is the automatic cal. 3285. Boasting an impressive power reserve of 70 hours, the cal. 3285 also includes a Rolex Parachrom Hairspring, Paraflex Shock Absorbers and a Chronergy Escapement with Optimized Energy Efficiency, all of which makes this a truly robust and capable movement that is equipped for just about everything you can throw at it.

Celeb Love

While several of Rolex’s models like the Submariner, Day-Date, Daytona and more have reached mainstream acclaim, the GMT-Master II has been able to put it up to them for several years thanks to the collection’s incredible popularity amongst world-travelling celebrities whom require a companion for their globe-trotting adventures. With their sporty appearances and casual colourways, both the GMT-Master II variants have enjoyed immense popularity over the last several years, but the “Pepsi” reigns supreme as the most sought-after of the two variants. 

 Worn by celebrities over several decades, the “Pepsi” has donned the wrists of TV and movie characters like Honor Blackman’s character Pussy Galore in the iconic 1964 James Bond movie “Goldfinger” and Tom Selleck’s character Magnum in the 1980s TV show “Magnum P.I.” alongside many more iconic characters and celebrities over the years. As a result of this long-standing reputation, the GMT-Master II “Pepsi” is an infamously popular watch for celebrities to wear, with celebs like Sylvester Stallone, Jamie Carragher, Ben Affleck, Lionel Messi and many more sporting this iconic watch. 

In contrast, the “Batman” lacks a long-standing reputation as a popular choice amongst celebrities. Nonetheless, the “Batman” has managed to forge an impressive name for itself on the wrists of the world’s rich and famous thanks to its unique colour combination and the novelty that it represents. As such, the “Batman” has been spotted on plenty of celebrities like Tom Holland, John Cena, Jason Statham, Steve Carrell, Neymar, Raheem Sterling and plenty of others. 

Market Performance

In keeping with its somewhat less impressive heritage, the “Batman” lags behind the “Pepsi” in market performance. Nonetheless, it should be recognised that both GMT-Master II variants are some of Rolex’s most popular and sought-after models on the open market. As a result, their market values are significantly higher than their retail prices, and their waiting lists are quite long from the AD. Additionally, as mentioned, the bracelet option one selects has an impact on the price they will pay for their watch, as the Jubilee bracelet is more desirable and thus carries a higher premium. For example, the “Pepsi” on a Jubilee bracelet commands a market value of $25000, resulting in a price premium over its MSRP of $10900 of a whopping 130%. On the other hand, the Oyster bracelet variant commands a market value of $21300 over its MSRP of $10700, resulting in a price premium of 99% - still incredibly impressive, but not quite as much.

 The ”Batman” and “Batgirl” tell a similar tale, with the Jubilee “Batgirl” commanding a market value of $17300 over the “Batman”’s market value of $16300. However, the price premiums are not all that different, as the “Batman”’s lower MSRP of $10700 means its price premium is a very respectable 52%. With the “Batgirl”’s more expensive MSRP of $10700, its respective price premium is 58% - only slightly in front. 

Beyond their market values and price premiums, it is interesting to note the relative disparity between the ongoing performance across these two GMT-Master II variants. Where the “Batgirl” and “Batman” have gained 0.4% and lost 2.2% in market value in the last 90 days, both “Pepsi” variants have gained 1.6% and 0.3% (Jubilee and Oyster, respectively) on the back of discontinuation rumours for the “Pepsi” that propagated due to supposed manufacturing problems that Rolex have been having as of late for the “Pepsi”’s blue and red bezel insert. While these rumours never turned out to be true, they still made their mark on the market, and so the “Pepsi” has enjoyed a quite appreciable uptick in demand and value. While the “Pepsi” might still be a long way off its peak market value of $30000-$33000, it has much less to go than the “Batman” and “Batgirl” have to recover before they reach their peak market values of $25000.

Check out the live performance of Rolex GMT-Master II ‘Pepsi’ ref. 126710BLRO and ‘Batman’ ref. 126710BLNR on The Wristcheck Index