By E. Graydon Carter

It may be the estimated $25,000 Inauguration wardrobe, the $200,000 worth of new china or the $800,000 in White House renovations. Whatever the reason, a tricked-up postcard of First Lady Nancy Reagan, 60, as "Queen Nancy" has become one of the bestselling gift shop items in Washington. The composite photo was pieced together by Photographer Alfred Gescheidt, who took a stock shot of the First Lady and then superimposed a crown and robe. Nancy seems to be taking it all with some good humor. "I really haven't changed my personal habits that much," says she of her recent personal purchases. "I am just being myself. Whatever I spend is our own money which we have earned." Frets Gescheidt: "I just hope I don't get on any enemies list. I'm a registered Republican."

In the harrowing days of early flight, she flew with her husband, famed Aviator

Charles Lindbergh, as a radio operator, co-pilot and navigator. But in 1932, after the death of their 20-month-old kidnaped son, Anne Morrow Lindbergh, now 75, gradually began to retreat from public life to a reclusive existence, publishing her diaries and letters. Last week, Baking a rare public I appearance, the widow of "Lucky Lindy" traveled to Washington to accept the Award for Achievement from the National Aviation Club. "Pilots of the '20s and '30s were a special breed," she recalled. "They wanted to expand life's possibilities to the limits, and their dreams and aspirations, to a large extent, have come true. As my husband said 25 years ago, 'We live today with the dreams of yesterday.' "

"I am the champion arm wrestler. Who will challenge me?" roared British Actor Oliver Reed (Women in Love) as he swaggered into a rustic, 160-year-old drinking and dining establishment in Stowe, Vt. A customer jokingly volunteered, but before the two men could lock forearms, Reed, 43, turned the contest into a genuine barroom donnybrook, with the brawlers flipping furniture and smashing beer bottles. Handcuffed and manacled, the actor was arrested on charges of simple assault and disorderly conduct. He spent the night at Lamoille County's Hyde Park jail, then had to come up with $4,000 bail. Reed was commanded by the court to keep out of bars for a while, but the judge later modified the ruling, provided that the actor's drinking did not "dimmish his proper lawful behavior."

The pastoral pleasures of rural Charlottesville, where they met as students at the University of Virginia law school three years ago, seemed to agree with Bobby Kennedy Jr., 27, and Emily Ruth Black, 24. And eventually Bobby and Emily began to agree with each other. Last week the couple announced that they would be wed on March 6. Young Bobby is the son of Ethel and the late Robert Kennedy, and the nephew of President John Kennedy. Emily is the blossomy, corn-fed daughter of a Bloomington, Ind., lumberman. Said Bobby: "My father won Indiana in 1968, and her mother is a Democrat who voted for him. I checked that fact out before I popped the question."

The two-hour evening concert by the Israel Philharmonic at Tel Aviv's Mann Auditorium was drawing to a close when Guest Conductor Zubin Mehta, 45, unexpectedly turned to the microphone. "Tonight," said he, "we plan to play Wagner." With those words, Mehta ended an unofficial 33-year ban in Israel on the playing of music by German Composer Richard Wagner, a noted anti-Semite enshrined by the Nazis. Continued Mehta: "I understand the emotions of those who have gone through concentration camps. Anyone who does not want to hear can leave the hall." Two orchestra members and a number from the audience did so. As Mehta launched into the prelude to Tristan und Isolde and the Liebestod, dissident shouting and scuffling broke out. "Hitler go home!" shouted one anti-Wagnerian. Said Mehta: "We have spoken about this a great deal and we waited for a suitable atmosphere."

-- By E. Graydon Carter

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