A statement from the label described Gutteridge as ''a great talent''.
"All of us, and so many people around the world, have been touched and affected by his music, whether it be the swirling fuzz of the guitar or haunting piano melodies, Peter was a true hero of New Zealand music, and will be deeply missed."
"Our thoughts and sympathies are with his family and friends at this very sad time.
"Thank you Peter for all the music, may you rest in peace."
The largely reclusive Gutteridge didn't enjoy being labelled part of the "Dunedin sound"
He told interviewer Wes Holland of messandnoise.com last year: "People didn't think about the sound of things, people put on guitars and then clanged out stuff.
"I just got tired of a guitar sound that wasn't thought about. I had my own personal style. I mean, I wrote [The Clean's] Point That Thing [Somewhere Else]' at 17. That sort of sums up where I come from. I love textures. I love Indian music - now that's true psychedelic music without having to give itself a term.
"A lot of rock music leaves me cold. It's anal. It's self-indulgent. That's it. But there's great stuff too. Rock music is only rock music."