SANTA FE, N.M. (AP) – A New Mexico judge has ruled Gateway computer company’s co-founder can move ahead with his lawsuit against a Santa Fe art dealer.
State District Judge Raymond Ortiz made the ruling Wednesday during a hearing on a motion by art dealer Gerald Peters to dismiss the lawsuit.
Billionaire Norman Waitt contends a painting he bought from Peters is worth only a sixth of what he paid.
He paid the Peters Gallery $1.2 million for the painting by a 19th-century artist who participated in an early U.S. expedition to the Rocky Mountains.
Waitt says he later learned the painting was worth no more than $200,000.
Peters’ lawyer argued Waitt’s complaint amounts to “buyer’s remorse.”
But the judge ruled Waitt’s claims were enough to reject Peters’ motion to dismiss the case.
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Information from: The Santa Fe New Mexican,
http://www.sfnewmexican.com
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
AP-WS-03-03-11 1328EST
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