Error "Video Memory 0 MB" in Max Payne 3

I installed Max Payne 3 on my computer and started the game. The first thing I saw that was the game was launched in the highest graphic settings available. Since it was lagging in those settings, I decided to reduce some graphics to make it run smoothly. But after changing the settings, I found that there is no button to apply the settings. I exited the game and started it again, but nothing changed. I even re-installed it, but the problem persisted. Now I thought that I would need to concentrate majority of the graphic memory to Max Payne 3 to make it run smoothly. So I entered the settings of the graphic card. But when I tried allocating the graphic memory, I got an error message saying, “Video Memory 0 MB”. I can’t understand what it is, can somebody tell me about this error?

The problem that you are facing is a well known issue and Rockstar Games also have been notified about it. In reply to it, they have released a patch which you will find it on official website of Max Payne 3. No reason for the cause of this error has been confirmed, but the patch will rectify it.