Marie Antoinette Chair Sells for a Record US$2.8 Million - Kanebridge News
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Marie Antoinette Chair Sells for a Record US$2.8 Million

By Eric Grossman
Fri, Dec 15, 2023 11:18amGrey Clock 2 min

A royal chair created for the boudoir of Marie Antoinette achieved €2.6 million (US$2.8 million) Thursday evening at Sotheby’s in Paris, setting a record for a single 18th-century chair.

The sale was the first in a series of four physical and online auctions being held this month featuring the collection of the late Hubert Guerrand-Hermès, a fifth-generation descendant of Thierry Hermès, founder of the French luxury house.

“Tonight’s sale was a celebration of prestigious provenance, as the undeniable response to Hubert Guerrand-Hermès’ eye for collecting showcased the continued demand for the most elevated world of refinement,” Mario Tavella, president of Sotheby’s France and chairman of Sotheby’s Europe, said in a news release.

The Louis XVI gilt walnut chair, made circa 1784-85, ignited a “flurry of bidding,” according to Tavella. It was one of 60 pieces sold on Thursday for a total of nearly €23 million, with fees, triple a pre-sale high estimate of nearly €9 million (which did not include fees). More than 80% of lots sold for more than their high estimates.

Guerrand-Hermès was a passionate, wide-ranging collector. The 1,000-plus items being auctioned across the four sales span centuries and include royal furniture and rare books in addition to works by contemporary artists such as Antony Gormley and Anish Kapoor.

Collectors appeared drawn to Guerrand-Hermès’ diverse tastes, fiercely bidding as much for the contemporary art as the 18th-century furniture, according to Tavella.

While the record-setting, carved, and regilded Louis XVI chair—which was thought to have been created for Queen Marie-Antoinette’s intimate personal rooms at Versailles—stole the headlines, the top lot of the evening was a monochrome canvas by Pierre Soulages, Painting 130 x 162 cm, February 28, 1970, which sold for €3.1 million —the highest price for a 1970s work by the French artist. Guerrand-Hermès had bought the painting at a Sotheby’s Paris auction nearly 14 years ago for €720,750

Guerrand-Hermès, who died in 2016 at the age of 75, had been vice chairman of Emile Hermès SARL, which represents the family shareholders, and general manager of the group’s real estate companies. He also served as a foreign trade adviser to the French government and was made an officer of France’s Legion of Honor in 1999.

The Guerrand-Hermès auctions will continue this week with a focus on the Duchesse de Berry—described by Sotheby’s as “one of the most famous and fascinating aristocratic figures of the 19th century.”



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PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses.

By P.R. VENKAT
Thu, Mar 20, 2025 < 1 min

U.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.

The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.

ICG and Rippledot declined to comment.

The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.

Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.

The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.

In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.