The art firm of A.S. Drey in Munich was founded in the 1860s by Aaron S. Drey. In 1881, Drey expanded the firm to include his only son Siegfried [d. 1935] and his son-in-law Adolf Stern [1840-1931]. Their sons in turn joined the business: Friedrich and Ludwig Stern and Paul and Francis Drey. In 1913 A.S. Drey moved into a building designed by Gabriel von Seidl on the Maximiliansplatz in Munich. The firm expanded to branches in the US and the UK, where the London branch was managed by Francis Drey. By 1935, most of the family had emigrated to the UK and USA, where the firm operated in New York. Heavy tax impositions forced the remaining family members in Germany to liquidate their assets on 17 June 1936 at the Graupe auction house in Berlin. The Maximilianplatz building was taken over by Walter Bornheim, who operated the business under the name of the Galerie für Alte Kunst.