Tiffany & Co. and watchmaker Patek Philippe have announced the opening of a Patek Philippe salon inside the Tiffany's flagship store at 5th Avenue and 57th Street in New York city. The salon is the first Patek Philippe salon in the U.S. and will open in April 2008. The 3,000-square-foot salon will present some of the watchmaker's unique and most sought-after timepieces, a collection of all current models, an extensive library, individual customer consultation areas, and a studio for on-site repairs. The salon will also feature a collection of traveling museum pieces on loan from the Patek Philippe Museum in Geneva. In conjunction with the salon opening, Patek Philippe will host a three-day exhibition titled "The Values of a Family Watch Company" on the fifth floor of Tiffany's flagship store from April 24, 2008 to April 26, 2008. Shares of Tiffany & Co. rose on Thursday after the announcement.