The steel "Pepsi" (reference 126710BLRO) is currently king of value retention, often selling above retail in the pre-owned market due to continued high demand and limited availability.
The "Batman" references (116710BLNR and 126710BLNR) also perform exceptionally well. Vintage GMT-Master models, particularly "gilt dial" examples and early references, have appreciated significantly and continue to be strong investments.
Discontinued references often see immediate appreciation—the previous-generation "Pepsi" on Oyster bracelet is already commanding premiums. Two-tone and solid gold GMT-Master II models follow different value trajectories, typically with more depreciation initially but strong long-term stability. Generally speaking, steel sports models with distinctive bezels (Pepsi, Batman) in good condition with boxes and papers hold value best.
That said, the best GMT-Master II is the one you'll actually wear and enjoy—watches that sit in safes don't bring any return on life, only investment.