#60 Bidding Wars: The Glamorous Tales of Book Auctions
Publishing can be a glamorous industry, with internationally bestselling authors, book tours, film adaptations, etc. How does it all start?
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Working in publishing, we often hear stories of people struggling to get published. But what's it like on the flip side? When publishers are the ones scrambling to acquire the rights to your book?
When multiple publishers want to sign you, they participate in a book auction, or a book bidding war. Yes, it's as dramatic as it sounds.
Publishers send their offers over email, which include an increased book advance and a negotiation on royalties, marketing strategies, multiple print runs, film rights, etc. The author or their agent then compares these offers, and picks one that is in their best interest. Most often, that is the one with the highest advance.
Penguin India gave actor Dev Anand an advance of Rs 15 lakhs to publish his autobiography. It's rare to see an advance this high but given the actor's star power the deal was justified as Penguin made up that money in just four months after the book's release.
Ramchandra Guha, a notable historian, landed a deal of almost one crore rupees in 2009 with Penguin India for a multi-book deal. This included a series of six books, a biography of Mahatma Gandhi, an anthology of 12 thinkers who shaped modern India, and a collection of previously unpublished essays. This auction went on for 2 weeks.
It is especially rare for debut authors to get such a deal. Arundhati Roy made publishing history when her agent, David Godwin, got a million-dollar advance for her debut novel, The God of Small Things.
Many international book fairs also facilitate book auctions. For example, the London Book Fair has a dedicated section that deals with auctioning international rights for books, characters, film deals, etc. This is also where buzz is generated for upcoming books, leading to more publishers wanting to bid for a particular title. This is what happened in Roy’s case; American publishers heard of her manuscript at the Chicago Book Fair, leading them to join the auction which was earlier dominated by British publishers.
However, book auctions are rare and happen to only 1% of all authors. Like the above example, most book auctions happen over books by celebrities, politicians, CEOs, or already best-selling authors. These authors guarantee sales as they already have an audience, which makes marketing a whole lot easier.
Realistically, most advances for authors range from Rs 10,000 to Rs 2,00,000 and terms like multiple print runs, options, book club selection, etc. are also rare for debut authors. However, being aware of them can help you negotiate a better deal for your book.
While it is easy to get swept away in the glamour of publishing, it is important to remember that getting even one publisher or agent on board is incredibly difficult and a big win in itself.
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