Since the photo is labelled "Trewey" I'm going to guess it might be Felicien Trewey, the famous French performer, perhaps with his wife? Looks a bit like the younger portraits of Trewey, but with less hair.
As a follow up to this guess, the Library of Congress has a copy of a Trewey book inscribed to Houdini on 2 July 1920 and Houdini notes "Trewey presented this to me on my last visit to him at his villa in July 1920." Perhaps that is also when this photo was taken? According to Wikipedia, he died December 2, 1920.