to appear in MSCSInternational audienceA longstanding open problem in lambda calculus is whether there exist continuous models of the untyped lambda calculus whose theory is exactly lambda-beta or the the least sensible lambda-theory H (generated by equating all the unsolvable terms). A related question, raised recently by C. Berline, is whether, given a class of lambda models, there are a minimal lambda-theory and a minimal sensible lambda-theory represented by it. In this paper, we give a positive answer to this question for the class of graph models à la Plotkin-Scott-Engeler. In particular, we build two graph models whose theories are respectively the set of equations satisfied in any graph model and in any sensible graph model. We conj...