Pamela Anderson Lee will be directed by Danny Huston in newcomer Lava Film’s “Dumped,” it was announced at a Tuesday evening American Film Market reception.The “Baywatch” star appeared Tuesday at the Santa Monica Loews Hotel with the soon-to-be-lensed pic’s co-star Tia Carrera, wife of Lava co-founder Elie Samah. Lava is co-helmed by PM Entertainment’s Joseph Merhi. The film, penned by Kate Angelo, tells the story of a girl who dumps her boyfriend (Billy Zane) for revenge, but tries to undo everything after discovering she was wrong. In short, the plot is “two sexy Hollywood girls getting dumped,” said Samaha. The $5 million to $6 million pic, brokered by William Morris’ indie film head Cassian Elwes, is scheduled to begin lensing by the end of the month and is expected hit screens this fall. * Fox Lorber Associates has acquired the documentary “The Fine Art of Separating People From Their Money” for worldwide distribution (excluding Germany and Spain), it was announced by Krysanne Katsoolis, VP, acquisitions. Hosted by Dennis Hopper and directed by Gold Clio Award-winner Hermann Vaske, “The Fine Art” is a 150-minute ride through the advertising world. Shot in the Atlas Mountains of Morocco, the doc features ad execs along with David Bowie, Harvey Keitel, Julian Schnabel and directors Tony Scott, Spike Lee, Mike Figgis and Alan Parker.