Patek Philippe Salon to Open Inside of Tiffany & Co Fifth Avenue Flagship Store

Patek Philippe and Tiffany have announced another joint venture: a Patek Philippe salon inside the Tiffany flagship boutique on Fifth Avenue in Manhattan. The 3,000 square foot salon will be on the mezzanine level and is set to open in April of this year.

This is not the first joint venture for the two luxury giants. Since 1851, Patek Philippe and Tiffany & Co. have agreed to sell Patek watches in the Tiffany stores. The Fifth Avenue visibility joins the other Tiffany stores already with Patek salons: Geneva, London, Paris and Shanghai. The agreement also includes exclusivity: Patek Philippe is the only non-Tiffany branded product sold in the store.

Available in the Manhattan salon will be the Patek Philippe tourbillion and the Patek Philippe minute repeater. However, there will be a whole range of timepieces sold in the salon. The watches start at $11,000 and go up to $500,000. In addition, every Patek watch sold in a Tiffany store bears a special engraving.

The two luxury houses will hold a three day, 4,000-square-foot exhibition to commemorate the opening of the salon. The exhibit includes 400 rare timepieces, such as the enameled pocket watches and timepieces owned by famous people, on loan from the Patek Philippe Museum in Geneva. The exhibit will be called "The Values of a Watch Company" and will be on the fifth floor.

President of Patek Philippe USA Larry Pettinelli said, "Our goal is to create an interactive environment to serve as a worldwide destination for watch enthusiasts."