Christopher Stenger Bought 12 Impressionist Paintings From R H Love

Christopher Stenger bought 12 Impressionist paintings from R. H. Love Galleries for $1.5 million. Love told Stenger that art investment would produce a safe profit. The two men agreed that Stenger could exchange any painting within five years for any one or two other paintings with the same or greater value. When Stenger’s paintings did not increase in value, he sued Love, arguing that the right to trade paintings made them securities. Is Stenger correct?

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