The ‘Chair of Peter’ is more than an ancient, wooden relic, found in the back of Saint Peter’s Basilica in Rome, believed to be the throne from which Saint Peter ruled the Church as the first Pope. It is also the authority given him from Christ who received it from the Father.
Whatever ‘chair’ the Pope sits in he carries and dispenses in his person, and Magisterial Office, that same divine authority.
Today we celebrate the Feast of the Chair of Saint Peter because it is believed that it was on this day that Christ gave Peter (and every successive Pope after him) the Commission to lead His Church in Matthew 16:16-18.