Even in this tough economic climate, it seems art fair organizers are forging ahead. The latest bold move on the art fair front happened this week, when David and LeeAnn Lester, who currently run the art fair on a boat, Seafair, reacquired the palmbeach3 contemporary fair, which they founded 12 years ago, from dmg world media, the company to whom the couple sold it in 2001. The Lesters take ownership of the fair immediately, and will take control of its management after the 2009 edition, which runs January 14-18.

Palmbeach3 went to dmg world media seven years ago as part of a package deal — the Lesters sold it along with the other major fair in Palm Beach, the American International Fine Art Fair, which the Lesters also founded, for a total of $18 million. The Lesters bought back that fair, which runs from February 3-8, from dmg in July.

There were a number of management changes under dmg’s watch, and palmbeach3 has lost good dealers over the years. According to the Palm Beach Post, half of the 93 galleries who did the fair in 2008 dropped out of the 2009 edition. Lester told the Post that he intends to improve palmbeach3 by improving its roster.