Video memory

In researching for a new video card, I came across the statement that OpenGL 1.5 supports video memory only up to 128MB. Is this correct?
If correct does 2.0 support more memory?

No that is incorrect. There is no link between the OpenGL version and the max. amount on videomemory.

In fact professional OpenGL cards like the 3dlabs Wildcat series featured 512MB of videomemory long before OpenGL 2.0 was specified.