From the desk
Where Pepsi, Batman, and the Root Beers sit now, and the buy/wait/sell read.
<p>The steel GMT-Master II "Pepsi" and "Batman" still trade above their retail, but the premium is a fraction of what it was at the 2022 peak. That single line is the story of this segment right now.</p><p>In relative terms, the ceramic Pepsi on Jubilee (126710BLRO) and the Batman (126710BLNR) sat at multiples of list at the top of the last cycle and have since given back most of that froth, settling into a smaller but stubborn premium. The two-tone and rose-gold Root Beer references soften faster because precious metal ties them to spot, and the destro "Sprite" (126720VTNR) with its left-side crown holds a narrower spread because supply is thinner.</p><p>Why it moved is not mysterious. The 2022 run-up was liquidity and speculation; the pullback is that same money leaving. Retail availability is still tight, so the pieces did not crater to list — a hyped travel watch with a true GMT movement and a rotatable 24-hour bezel keeps a floor. The premium now reflects wait-list friction more than mania.</p><p>What it means this month: the gap between the secondary price and the authorized-dealer price is the narrowest it has been in a while, which changes the math. If you were only buying to flip, that trade is mostly gone. If you want the watch, the cost of buying now on the open market versus chasing a list allocation is smaller than it was.</p><p>The read: buy the Batman or Pepsi if it is a keeper and you have found a clean, full-set example, because the downside from here is limited and the wait is real. Hold off on the metal Root Beers, which track gold and have room to slide. Sell only if you are sitting on a 2022-era purchase you never wear, because the emotional premium you remember is not the number today.</p>
Live inventory for this model — updated continuously as pieces arrive and sell.
