Just two used Rolex models gained value in the declining luxury watch market over the past 12 months according to the Bloomberg Subdial Watch Index. Focusing on the 50 most traded pre-owned timepieces by transaction value, the Bloomberg Subdial Index declined around 7% annually alongside the luxury market slowdown.



The standout exception – the Rolex GMT Master II with stainless steel case and signature “Pepsi” red-and-blue ceramic bezel – rose approximately 5% year-over-year. Over the past month alone, this traveler’s watch popularly known as the “Pepsi” GMT notched a 1.5% increase, trading around $20,000.

The Rolex Lady Datejust (reference 69173) in two-tone steel and gold also saw muted 1% growth over 2022, trading at $4,200. It was in fact the top monthly performer of the entire index, gaining 4% in the last 30 days.

Introduced in the 1950s for Pan American Airways pilots, the Rolex GMT line allows adjusting the main hour hand without disrupting the running seconds. A separate red-tipped 24-hour hand points to a rotating bezel marking a second time zone. That bidirectional bezel comes in various color schemes, with the red-and-blue “Pepsi” version garnering wide collector appeal.

Indeed, the “Pepsi” GMT remains enormously popular at authorized dealerships as well, with multi-year waitlists commonplace. Speculation even runs rampant amongst fans that Rolex may discontinue this fan favorite in their 2024 collection unveiling this April. But with the notoriously tight-lipped brand, the plans are anybody’s guess absent official comment.

A comparable GMT model, the black-and-blue “Batman,” appears essentially identical aside from bezel and bracelet variations. Yet in resale value, the iconic “Pepsi” convincingly bests the “Batman” alternative. At Swiss retail, the Jubilee bracelet “Pepsi” runs CHF 10,400 compared to CHF 10,200 for the “Batman” on an Oyster band.



The winning Lady Datejust stands alone as the solitary women’s watch across the entire Bloomberg index. It’s also positioned on the lower end both size-wise at 26mm diameter and price point below $5,000.

Following recent slumping sales for the most hyped Rolex, Patek Philippe, and Audemars Piguet trophy watches, smaller sized and mid-priced timepieces seem insulating brands like Cartier from the luxury downturn. The humble Lady Datejust notably bucks the prevailing index trends – a surprising outlier still luring buyers amidst the market uncertainty.


Publish date: February 27, 2024

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Februar 27, 2024 — Jeremiah A