Behind the Scenes of a Book Auction
I’m often asked, what is a book auction and how can I get a book to auction?
As an author and co-author, I've been behind the scenes of three different cookbook auctions and have talked with my agent and other authors about other ones.
I won't lie: Having a book at auction is exciting. Each new bid provides another dopamine hit, and it can be hard to focus on anything else during the day of an auction.
But after the flurry around making the initial deal, you then realize you now have to do the hard work of making a great book.
So, what is an auction?
An auction is when an agent fields multiple offers from publishers for the same book, usually around terms set in advance by the agent. For cookbooks, they happen most often for authors with significant platforms or when a book topic hits on the exact right idea at the right time.
But first, let's back up a little bit.
How do you get to the point of having an auction?
If you write a book proposal and secure an agent, that agent will send your proposal to the editors they think are suitable for the book. Ideally, the agents will cast the net wide and start with a list of ten to fifteen editors.
When they send out the proposal, they'll also start trying to schedule meetings with the editors.
Once the proposal is out, a few different things might happen:
Crickets. This happens more often than we'd all like. Sometimes, a publisher will eventually buy the book, or the agent will cast the net wider and send to more editors.
A few meetings are put on the calendar, perhaps after some follow-ups.
Editors respond almost immediately upon seeing the proposal and set up a meeting as soon as possible. (The dream scenario.)
The meetings between editors and authors are hugely important. They not only let the editor see the incredible person behind the proposal, but they give the author a chance to get a sense of the editor's style and learn more about the benefits of each publishing house.
After those meetings, the agents will often follow up to gauge the editors' interest in making an offer. If there's potential for multiple offers, the agent will often decide to hold an auction.
Now, sometimes, an editor will attempt what's called a pre-empt.
This is when an editor puts forth an offer that they hope is enticing enough that the agent calls off an auction. Then, the author has the choice. Accept this great offer or take the chance and move to an auction.
With their publishing industry knowledge, an agent can be invaluable when helping make these decisions.
How does the auction work?
While you might picture the editors sitting together in a room holding paddles while the agent calls for the next highest bid, a book auction proceeds a bit slower and quieter than that.
The agent will usually announce the date of the auction and the terms via email. Then the bids come in formally over email.
So, for example, an agent might set a floor bid of $50,000 for North American rights and ask that each next bid come in at $5,000 increments.
If there's a lot of heat around the auction, the agent will field calls and emails with offers all day and sometimes over multiple days.
While the authors and agents are usually most concerned with the advance the editor proposes, there is typically much more in the offer to consider. For example, each opening offer might also include the following:
How the advance is paid out.
What rights they are offering for (is it North American, U.S. only, World English, etc.).
What royalty structure the publisher proposes on all the many versions of the book (e-book, audio book, hardcover, etc.).
What kinds of approvals they're offering the author (design, cover, photography).
A brief note about their vision for the book.
The proposed retail price of the book.
The editors will also often send a persuasive and passionate letter explaining why this book belongs on their list.
While it's tempting to take the largest advance and run, it's important to consider additional factors:
Which editor did you like the best?
What publisher is most aligned with your values?
Which publisher creates books you admire?
Does one publisher give you more creative control than another?
Does one publisher "get" your book in a way the others don't?
If having a cookbook go to auction is on your list of dreams, you'll likely need a literary agent.
And guess what? I have a mini-course all about finding one.
This course does not go on for hours. It's quick and will only take you about an hour to read through. Then you'll want to spend another hour or so on the assignments.
Plus, as a bonus, it includes my researched list of agents to help get you started.
Click the button below to learn more!