Settlement reached over $1.2 million painting

November 15, 2012 • State News

SANTA FE, N.M. (AP) — A Santa Fe gallery and the co-founder of the Gateway computer company have reached a settlement over the value of a painting that depicts the American West.

The Santa Fe New [auth] Mexican reports ( that state District Judge Raymond Ortiz has signed off on a confidential agreement that stipulated the complaint would be dropped and both sides would pay their respective legal fees.

Norman Waitt had alleged breach of contract and unfair trade practices, among other things, after he bought the painting for $1.2 million in 2008.

He claimed in a lawsuit that the painting was worth only a sixth of what he had paid for it.

Art dealer Gerald Peters argued that no gallery can guarantee the future value of a painting. His gallery described the lawsuit as frivolous.

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