No they weren't right to take a punt for a total of 25mil on a player who wasn't good. I summed up his entire game in under 45minutes of watching him, 45mins in which he scored two goals yet EVERY single weak part of his game showed, every single weak part that now keeps him out of the team. I absolutely refuse to believe these traits weren't visible when he played in the french league. SCoring goals doesn't equal quality, scoring goals can be an indication of quality. It was patently obvious Gervinho wasn't any good so it wasn't a punt, it was a known poor choice and they made it. Higuain is a top notch striker, of that there is simply no question and it isn't a punt, thats what makes it better value.
Gervinho will likely cost £20mil + in the end to Arsenal, maybe more, but that is on a player who doesn't help improve the team, if you buy Higuain, that is a player who doesn't need replacing, who we won't find out is crap in 2 years and have to sell for a loss and by someone else.
If its right or not to buy Higuain is completely unknown. If we are buying someone near as good, or better for the same or less, then Higuain would be a waste. If we spend £40mil on Suarez, it would become absolutely the wrong choice to not have bought Higuain instead for £35mil.
Again its perspective, 10mil on someone who turns out as good as Higuain makes Higgy a bad buy at anything over 10mil, if we spend £40mil on the likes of Suarez, Higuain at 35mil becomes the far better option.
THe biggest problem is as with Gervinho and many others, I simply don't trust Wenger's judgement anymore. As for whose fault it is Higuain gets bought or not, its entirely illogical to say Wenger is blameless or entirely to blame. Usually a board will give a rough idea of what money can be spent by the manager. If they told Wenger he can spend 100mil, Wenger may have 4 players in mind and might easily of said to whoever is doing the deal that he doesn't want to go over a certain amount. Because at certain prices alternative options become better. IE Benteke is 20mil but you can get Higgy for 25mil, easy choice, when you've got Benteke at 20mil and Higuain at 35mil... maybe his choice changes, mine would.
Its also incorrect to assume Wenger isn't in direct control of negotiations, all managers and companies are different, we don't know who does the main negotiating at Arsenal, who has the final say, who gets too choose how much they spend on a single player, etc, etc.