Watches and Wonders 2026: Pepsi Discontinuation, Nautilus Turns 50, and AP's Return

Last updated: April 6 2026

Watches and Wonders Geneva 2026 runs April 14-20, and this year's edition is shaping up to be one of the biggest yet. With 66 exhibiting brands, Audemars Piguet returning for the first time, and Rolex expected to shake up the GMT-Master II lineup, there's a lot worth paying attention to.

Here's what we're watching from a dealer's perspective: what actually matters if you buy, sell, or collect luxury watches.

The Big Three Under One Roof

For the first time ever, Rolex, Patek Philippe, and Audemars Piguet will all present at the same watch fair. Audemars Piguet skipped the event in previous years, so having all three in Geneva at once is a big deal for the industry.

Rolex joined Watches and Wonders in 2023 after leaving Baselworld, and they've used the show for major launches since: updated Submariners, new GMT colorways, and the Land-Dweller collection in 2025. This year, expect new Land-Dweller variations in different dial colors and materials as that line matures.

AP's return is the biggest story structurally. They left SIHH (W&W's predecessor) in 2019 alongside Richard Mille, opting for direct-to-collector "AP Days" at their own manufacture instead. Six years later, they're back with a 1,200 square meter booth in Hall 2. Brands don't rejoin a major fair after that kind of exit to show routine catalog updates. We wouldn't be surprised to see a new Royal Oak variant or a fresh complication that justifies the return.

The Rolex Pepsi GMT: End of an Era?

The biggest pre-show story is the Rolex GMT-Master II "Pepsi" (ref. 126710BLRO). Multiple authorized dealers have reportedly stopped receiving shipments, and the watch has disappeared from several dealer websites. Rolex hasn't confirmed anything, but that's standard: they never announce discontinuations ahead of time.

The secondary market is already reacting. Pepsi prices have climbed roughly $3,000 since January 2026, from the low $24,000s to above $26,000 at dealer median. Chrono24 purchase requests surged over 500% compared to the 2025 average in the first week of March, according to DMARGE. Unworn examples are listing near $30,000 to $45,000.

For context, retail on the Pepsi was $11,800 before the January 2026 price increases. That's roughly a 2.5x secondary market multiple.

Industry speculation points to a "Coke" (red-and-black) GMT-Master II as a potential replacement. Rolex has patented technology for bi-color red-and-black ceramic bezels, and the pattern would mirror past launches: the Pepsi debuted in white gold in 2014, then moved to steel in 2018. A Coke could follow the same path.

If the Pepsi is officially dropped at W&W, expect another price spike on the secondary market. We've seen this play out before with the Submariner "Hulk" in 2020: values climbed steadily once collectors realized no new supply was coming. For more on this pattern, see our guide to discontinued Rolex models worth buying.

Nautilus Turns 50

The Patek Philippe Nautilus celebrates its 50th anniversary in 2026, and rumors of a commemorative edition have been circulating for months. Patek doesn't do things small for milestones like this.

The Nautilus is already on a tear in the secondary market. Patek prices are up 16.2% year-over-year according to WatchCharts, with the Nautilus and Aquanaut leading the charge. Supply of both collections dropped noticeably in mid-2025, and demand hasn't slowed.

A 50th anniversary model could be anything from a new dial color to a limited-edition reference. Whatever it is, it'll move the market. Anniversary Nautilus references have historically become some of the most sought-after Patek references on the secondary market.

New Names Worth Knowing

Eleven new brands join this year's roster. Three stand out:

• Corum is back under new management and looking to re-establish itself. Worth watching for pricing resets or new collection directions.
• Sinn, the German tool watch maker, brings serious horological credibility at accessible price points. Their presence at W&W signals growing ambition.
• Credor, Seiko's ultra-high-end manufacture, is exhibiting internationally for the first time. This is Seiko making a statement about where Credor sits in the luxury hierarchy.

The overall trend: 66 exhibiting brands is the highest count yet. The watch industry is consolidating around this single annual event as the place where things happen.

What This Means If You're Buying

From where we sit, here's what matters most:

If you want a Pepsi GMT, don't wait. Whether or not Rolex confirms the discontinuation at W&W, the writing is on the wall. Prices are already moving. Every week of delay is potentially more expensive.

Discontinued 2025 models are still findable. The Celebration dial Oyster Perpetuals, Falcon's Eye Yacht-Master (ref. 226659), and several Day-Date variants were dropped at last year's show. They haven't all spiked yet. Some of these are still available at reasonable premiums.

Watch the Nautilus closely. If Patek announces a 50th anniversary reference, expect ripple effects across the entire Nautilus lineup. The 5711 aftermarket is already elevated. A new halo reference could push it further.

New announcements create secondary market opportunities. When Rolex or Patek introduce new references, the models they replace often dip briefly before climbing. That window is where deals happen.

We'll update this article after the show with confirmed announcements and our take on what they mean for prices.

Market data reflects secondary market pricing and trends as of March 2026. Prices referenced are based on Chrono24 and WatchCharts data and vary by condition, box/papers, and dealer. Watches and Wonders 2026 announcements are based on pre-show reporting and industry sources; we'll update this article with confirmed details after the event.