- Twenty-six years have passed.
- Newland Archer is sitting in his library. He has just returned from the opening of the new galleries in the Metropolitan Museum. The memory of the Cesnola galleries reminded him of his talk with Madame Olenska there.
- Over those years, he has had three children with May: Dallas, Mary, and Bill. May passed away a couple of years ago nursing the youngest child through pneumonia. Mary is married to one of the Chivers's sons. Dallas is working with an architecture firm in Chicago and engaged to be married to Fanny Beaufort, Mr. Julius Beaufort's daughter.
- Fanny Beaufort has an interesting history. Few remember Beaufort's disaster, and when his wife died, he had married his mistress, Fanny Ring, and they had a daughter, Fanny Beaufort. When the Beauforts died, May's brother and sister-in-law had been appointed her guardian. Fanny has been completely accepted by New York society.
- Newland Archer has built up a reputation for himself as a "good citizen." He spent a year in politics, and counts the Governor of New York as one of his friends. Mostly he spends his time with philanthropic causes.
- He receives a phone call from Dallas, who invites him to go to Europe with him. Newland agrees.
- The day after their arrival in Paris, Dallas informs his father that they have been invited to visit Countess Olenska at 5:30. Dallas promised Fanny that he would visit her since Countess Olenska was so kind to Fanny when Fanny went to a convent school in Paris.
- Dallas asks his father frankly whether Countess Olenska was his "Fanny," i.e. lover. He tells his father that the day before his mother died, his mother had told him that they would be safe with his father because when she had asked him to give up the one thing he wanted most, he had done so.
- Archer replies that May never asked. Dallas doesn't think that's unusual, since he's accustomed to his parents silently agreeing on things.
- While Dallas spends the day at Versailles, Archer visits the Louvre. He remembers the Countess saying she liked the Louvre.
- Archer and Dallas meet up again at the hotel, and cross the Place des Invalides on the way over to Countess Olenska's together.
- When they arrive, Archer informs Dallas that he doesn't want to see Countess Olenska after all, and sits outside as Dallas goes inside. He fantasizes about what is going on in Countess Olenska's rooms as he sits outside on a bench and looks up at her open windows.
- When a servant comes out to close the shutters, Archer gets up and walks back alone to his hotel.