In 1965, Paul McConaughy had been searching for an inexpensive way to produce limited editions of watercolor prints. He decided to try his idea out at his alma mater and made a series of prints of Cornell University buildings. They were an instant hit and the College Watercolor Group was formed. Soon they were making inexpensive watercolor prints of college buildings from all over the country. Following the model developed by Currier & Ives more than a century before, they would make a pen and ink drawing of a building, have it reproduced on watercolor paper as an 8” x 10” lithograph and then have artists color paint each picture. Limited edition sets of 4 scenes or large prints, framed or unframed were available.

Professional artists were added to the staff, the quality greatly improved. One of the artists, E.B. Walden, began signing his pictures “Gray”, based on a watercolor hue “Davy’s Gray”. Soon, each artist began using the Gray surname but a different first name. Walden became Davis Gray, with over a dozen other artists taking the last name. From this play on names, the business became known as “Gray’s Watercolors”.