A. S. Drey
A. S. Drey was a Munich-based Jewish art and antiques firm whose international business was destroyed and Aryanized under Nazi persecution.
Last updated August 26, 2026
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Overview
A. S. Drey, also known as Kunsthaus A. S. Drey, was a German art and antiques dealership established in 1837 by Aron Siegfried Drey. The firm began in Würzburg and moved to Munich in 1854, where it became a supplier to the Bavarian royal household and developed into one of the prominent art businesses associated with the city. Its activities centered on the trade of paintings, sculpture, decorative arts, and other antiquities, although the available reference material does not provide a complete catalogue of its inventory or a comprehensive account of its sales. The business developed as a family partnership. In 1881, Aron Siegfried Drey brought his only son Siegfried into the firm and also included his son-in-law Adolf Stern. The next generation subsequently joined the partnership, including Friedrich and Ludwig Stern and Paul and Francis Drey. The family structure enabled the company to expand beyond Munich. Branches or operations were established in Paris, New York, London, Brussels, and The Hague, with the London branch managed by Francis Drey. The firm therefore operated not only as a local Munich dealer but as an international intermediary in the European and American art markets. A. S. Drey's Munich premises were an important part of its identity. In the early twentieth century the firm occupied a building designed by architect Gabriel von Seidl at Maximiliansplatz 7, now identified with Max-Joseph-Straße 2. The building served both as a commercial art establishment and as the company's headquarters. The business was also represented in German trade institutions: Siegfried Drey held the titles of Kommerzienrat and later Geheime Kommerzienrat, served as a commercial court judge, and was president of the German Art and Antiques Trade Association. The firm's history changed decisively after the Nazi seizure of power in 1933. The Drey and Stern partners were Jewish and were subjected to antisemitic boycotts, harassment, discriminatory taxation, and legal persecution. Most family members emigrated to the United Kingdom and the United States by 1935, while the firm continued to operate in New York for a period. In Germany, punitive taxes and other measures forced the remaining owners to liquidate assets through an auction at the Graupe auction house in Berlin on 17 June 1936. The Munich premises were Aryanized by the art dealer Walter Bornheim, who continued operations under the name Galerie für Alte Kunst. This expropriation formed part of the broader Nazi campaign to dispossess Jewish businesses and owners. A. S. Drey's historical importance extends beyond its commercial activities. Works formerly associated with the firm entered museums in the United States and Europe, including the National Gallery of Art in Washington, D.C., and the Cleveland Museum of Art. In the twenty-first century, descendants and heirs pursued restitution of art connected with the firm's forced liquidation and Nazi persecution. Restitution or formal recommendations involving works linked to A. S. Drey were reported by the British Library in 2014, the Uffizi Gallery in 2020, the Bavarian State Painting Collections in 2021, and the Dutch Restitutions Committee in 2023. These proceedings have made the firm a significant case in the study of Nazi-looted art, provenance research, and the continuing legal and ethical consequences of Aryanization.
History
A. S. Drey was founded in 1837 by Aron Siegfried Drey, initially in Würzburg. The firm moved to Munich in 1854 and became a supplier to the Bavarian royal household, establishing an early position in the city's art and antiques trade. In 1881, Drey expanded the partnership by bringing in his only son, Siegfried Drey, and his son-in-law, Adolf Stern. Their descendants later joined the company, including Friedrich and Ludwig Stern and Paul and Francis Drey. The enterprise grew from a Munich dealership into an international family business. Its commercial presence extended to Paris, New York, London, Brussels, and The Hague. Francis Drey managed the London branch. In Munich, the firm occupied a building designed by Gabriel von Seidl at Maximiliansplatz 7, now associated with Max-Joseph-Straße 2. The premises, used as the company's headquarters, represented the firm's prominence in the city's cultural and commercial life. Siegfried Drey was a leading figure in the German art trade. He received the honorific Kommerzienrat in 1910 and was later made Geheime Kommerzienrat. He served as a commercial court judge and led the Verband des Deutschen Kunst- und Antiquitätenhandels, the German art and antiques trade association. Following Adolf Stern's death in 1932, the partnership was held by Siegfried Drey, Paul and Franz Drey, and Fritz and Ludwig Stern, with Siegfried serving as director. The Nazi rise to power in 1933 brought persecution and economic destruction. Because the Drey and Stern partners were Jewish, the company was targeted by antisemitic boycotts, harassment, and discriminatory financial measures. Most family members emigrated to Britain and the United States by 1935, and the firm maintained activity in New York. The German business was nevertheless forced to liquidate its assets. On 17 June 1936, property was sold through the Graupe auction house in Berlin under pressure created by Nazi anti-Jewish policies. The Munich building and business were Aryanized by the art dealer Walter Bornheim, who operated from the premises under the name Galerie für Alte Kunst. The firm's history is now closely connected with provenance research and restitution. Art formerly handled by A. S. Drey entered major museums in the United States and Europe. Heirs pursued claims for objects connected to the forced liquidation and Nazi persecution. The British Library returned a Bicchena panel in 2014 following advice from the UK's Spoliation Advisory Panel. In 2020, the Uffizi returned an Andrea della Robbia sculpture associated with the Drey family's losses. The Bavarian State Painting Collections restituted a painting in 2021 after acknowledging its connection to Nazi persecution. In 2023, the Dutch Restitutions Committee recommended restitution of a Byzantine ivory relief to the Drey heirs. These cases have preserved A. S. Drey's significance as both an important historical art dealer and a documented example of the dispossession of Jewish cultural-property businesses during the Nazi era.
- 2023
Dutch restitution recommendation
[1]The Dutch Restitutions Committee recommended restitution of a Byzantine ivory relief to the Drey heirs.
- 2021
Bavarian restitution
[1]The Bavarian State Painting Collections returned a painting recognized as having been sold as a result of Nazi persecution.
- 2020
Uffizi restitution
[1]The Uffizi returned an Andrea della Robbia Renaissance sculpture connected with the Drey heirs.
- 2014
British Library restitution
[1]A Bicchena panel attributed to Guidoccio Cozzarelli was returned to the Drey heirs.
- 1936
Forced liquidation and Aryanization
[1]Assets were liquidated at the Graupe auction house in Berlin on 17 June, while Walter Bornheim took over the Munich premises and operated them as Galerie für Alte Kunst.
- 1933
Nazi persecution begins
[1]The Jewish owners and their business were subjected to Nazi boycotts, harassment, and discriminatory measures after Hitler came to power.
- 1912
Munich headquarters opens at Maximiliansplatz
[1]The firm moved into a Gabriel von Seidl-designed building at Maximiliansplatz 7, which served as its Munich headquarters.
- 1881
Second generation enters the partnership
[1]Siegfried Drey and Adolf Stern joined the business, establishing the family partnership that later expanded across generations.
- 1854
Business relocates to Munich
[1]The firm moved from Würzburg to Munich and became a purveyor to the Bavarian royal household.
- 1837
Firm established in Würzburg
[1]Aron Siegfried Drey established the art and antiques business that later became A. S. Drey.
Products and positioning
A prestigious, family-owned European art and antiques dealership serving royal, institutional, and private collecting markets before its forced Aryanization under the Nazi regime.
Painting
Old master paintings
A. S. Drey traded in historical European paintings, including works that later became the subject of museum provenance research and restitution proceedings. The available sources do not establish a complete artist-by-artist inventory, but paintings connected with the firm's forced liquidation are held or were formerly held by institutions in Europe and the United States.
Sculpture
Sculpture and Renaissance art
The firm dealt in sculpture and other historical artworks, including Renaissance objects. A work by Andrea della Robbia associated with the Drey heirs was restituted by the Uffizi in 2020 after provenance concerns linked it to Nazi-era dispossession.
Art and antiques
Antiquities and decorative arts
A. S. Drey operated as a broad art and antiques dealership rather than a single-medium gallery. Its business included antiquities, decorative arts, and other collectible objects traded through its Munich and international operations.
Controversies
1936
Nazi Aryanization and forced liquidation
After the Nazi regime persecuted the Jewish Drey and Stern family, discriminatory laws and financial measures forced the German business to liquidate its assets. Walter Bornheim then took over the Munich premises and operated a successor gallery under the name Galerie für Alte Kunst.
Brand decisions
2014
Restitution of the Bicchena panelOtherBackground
The British Library reviewed the provenance of a Bicchena panel attributed to Guidoccio Cozzarelli in connection with claims by the Drey heirs.
Action taken
The British Library restituted the panel following a recommendation by the UK's Spoliation Advisory Panel.
Aftermath
The case became part of the documented postwar restitution history associated with A. S. Drey.
1936
Forced liquidation of the German businessOtherBackground
Nazi anti-Jewish laws and discriminatory taxes placed the Drey family under severe economic and political pressure.
Action taken
The remaining German family members liquidated the firm's assets through the Graupe auction house in Berlin on 17 June 1936.
Aftermath
The Munich premises and business were Aryanized by Walter Bornheim, while family members continued their lives and some business activity abroad.
Sources1 sources
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