We present near-IR observations of the red gravitational lens system M
G 0414 + 0534. Our images are of sufficient quality to allow photometr
y of all four QSO images and the lens galaxy. The observations show th
at the K-band brightnesses of the components are more similar to the r
adio brightnesses than to the optical and thus support the notion that
the system is highly reddened. The differing brightnesses at visible
wavelengths are interpreted as variable amounts of extinction in the l
ens galaxy. The lens galaxy is detected in the K band and is as red as
any other known galaxy of comparable apparent magnitude. An estimate
of the redshift of the lens galaxy of 0.45 < z < 0.6 is determined fro
m the Faber-Jackson relation and photometric considerations. By extens
ion, we argue that other very red field galaxies may contain large amo
unts of dust. K-band spectra of the individual components show no diff
erence in the H alpha equivalent widths among the components. This is
evidence against significant microlensing.