So, my manuscript is up for auction, any advice?

[bluemoonscribe]

This is not meant to be a bragging thread, I need some opinions. My agent called Tuesday with great news. I've been offered a book deal. She sent a notice to other publishers she'd submitted the manuscript to and they expressed enough interest that she's holding a small auction next week. She explained how it works and I'm pretty comfortable there.

But, I never dreamed I'd be in the position of having to choose between publishers' offers. My agent is awesome. I trust her to lead me through this process, but I was wondering if, as authors, any of you had advice on what is really valuable as far as contract terms, perks, bonuses, etc?

UPDATE

The auction started yesterday. Four houses are bidding a very respectable amount of money each book in a three-book deal. (I'll be more comfortable giving specifics when this is all signed and done. Sorry.) I've also been very happy with the bonuses offered. My agent is once again proving her absolute awesome-ness guiding me through this process, keeping the editors going and patiently explaining weird terms to me, like flow-through after payout. We went through two rounds of bidding and had to stretch it until today.

Thanks to all for their advice and kind words. I'll let you know how it goes!!

[Don Allen]

Just keep doing what you're doing, because you're doing something right.... and stop bragging, congrats!!!!!

[bluemoonscribe]

and stop bragging,

I knew it! I knew this thread was going to mark me as a tool forever. Dang it.

[DeadlyAccurate]

No advice, but major congrats! Maybe ORION will see this and stop by. I think Lottery went to auction.

[Stew21]

not at all... tool...please. You should be congratulated.

and trust your agent to handle the details.
sit back and let your agent handle it.


congrats to you! Let us know how the auction goes!

[Ziljon]

I love that you wrote "Dang it!"

I have no experience--so I can't offer advice--but I'm curious if the publisher has read, or requested to read some of your second book?

Also, is it, as suggested by your bio, a chick-lit vampire story?

Anyway, you're not a tool, your the coolest bluemoonscribe we've got on this dang site. You go, girl!

[bluemoonscribe]

not at all... tool...please. You should be congratulated.

and trust your agent to handle the details.
sit back and let your agent handle it.


congrats to you! Let us know how the auction goes!

Sitting back. Thank you.

[bluemoonscribe]

I love that you wrote "Dang it!"

I have no experience--so I can't offer advice--but I'm curious if the publisher has read, or requested to read some of your second book?

Also, is it, as suggested by your bio, a chick-lit vampire story?

Anyway, you're not a tool, your the coolest bluemoonscribe we've got on this dang site. You go, girl!

It's a chick lit book. And the publisher read the first chapter of the second book, which is still in progress.

[Judg]

I have no useful advice on auctions, other than "celebrate".

As far as bragging is concerned, there is a whole forum dedicated to it here, called Goals and Accomplishments, where it is not only socially acceptable, but expected. Go for it!

Not that I'm offended by you telling us your good news.

[rugcat]

A good agent will give you the pros and cons about each publisher and let you decide. You just have to be clear about what's most important to you.

Who's offering the biggest advance, is just one factor. How active is each publisher in getting out the word on your book. You shouldn't expect a big advertising campaign for a debut novel, but some houses make a real effort where others are more likely to take a sink or swim approach.

What format do they have in mind? Hardcover, trade, or mass market? Each has their good points and their drawbacks.

Who would the editor be, and do they have a reputation for working closely with their authors or are they too busy?

Do they have a lot of books similar to yours on their list? That can show they're experienced in putting together a good plan for you. Or, if they don't, you may get more attention as a new direction for them.

Good luck, and may everyone at AW be faced with a similar dilemma someday.

[ORION]

You guys called?
Yeah I got advice. There are a lot of factors involved and you won't have to make a decision in a hurry. What happened with me is that each editor talked with me and told me how wonderful their house was and to let me get a feel for their vision for my book - then the day of the auction my agent discussed each offer - what the ramifications were -for each successive round.
the money isn't the whole thing - it's the marketing plan - North American versus world rights- etc...if you have any specific questions and don't want them public feel free to PM me...

[MacAllister]

And congratulations! That's marvelous news!

[bluemoonscribe]

AW is such a great place.

Thanks, guys!

[triceretops]

Wonderful news. So 'dang' happy for you!

Tri

[job]

This is so fine and excellent. Congratulations.

There are a half dozen important factors to consider. Rugcat listed most of them.

You're interested in the sort of support your book will receive, which editor at the house wants it, what your royalty is, what your advance is.

This is why you have an agent.
Take her advice.

If there's a real decision to make, sign off the phone and think about it for a few hours and call back.
Don't try to do it all at once.

[James D. Macdonald]

When the auction is over, chat with your agent. Make sure you understand everything. Then wait until the next morning before making your final decision.

[Madison]

unfortunately, as i do not have an agent, i do not have advice.............

but congrats, a thousand times, congrats!

[Toothpaste]

I'm with Orion. Marketing is a huge factor. I had four publishers interested, and even though on the surface it seemed obvious as one publisher was offering the most money wise, it wasn't that clear cut. I really liked how some of the publishers viewed my book, they seemed to really understand it and that mattered a lot to me. I also really liked two of the marketing proposals. I took a weekend to think it over, and talked about it with my agent as well.

So remember, you are allowed to take some time to think, and that your agent is there to help you.

And congrats! That's totally awesome!

[Bo Sullivan]

Congratulations. I wish I were in a similar situation. May be one day!


:Jump::banana::PartySmil:TheWave:

[blacbird]

Pray that George Steinbrenner wants it more than he wants Alex Rodriguez.

caw

[jasperd]

I'm thrilled to pieces for you!!!!! Congratulations....and right before Christmas!!

[Enzo]

An auction? Wow! I wish I were in your shoes. Congratulations and may the best publisher win!

[JennaGlatzer]

Such amazing news. Congrats, bluemoonscribe!

Stuff that not everyone considers important, but I do:

-Number of author's copies you get. I nearly always run out, and it just ticks me off to have to buy copies of my own book. ;)

-Cover and title consultation. You'll rarely get "cover approval," but "consultation" is fair. I've had it happen several times that I didn't see my cover until it landed on Amazon, and... it hasn't always been a happy surprise.

-When the advance is paid. Most houses pay it in thirds (on signing, on halfway mark, on completion, or other variations), but some try to drag out that last advance payment until after publication, which can be a crazy wait.

-First look on the next book. If the clause is there, your agent will most likely strike it-- but just in case, make sure it's as limited as possible (they can have first look at your next book manuscript in the same genre, but they only get a limited time to make an offer, and you don't have to accept it. NOT that it's automatic that you'll accept the same terms for the next book).

[gerrydodge]

First, congratulations!!! Also, Will Lavender's novel went out for auction, and he is gracious and very smart. I think you should contact him as well. The advice here has been great, but the more the merrier. Congrats!!!

[Garpy]

My advice....go for the highest bid (which means balancing the advance offer against the rights they're asking for). The more money a publisher stumps up, the more committed they'll be to making sure they get that money back.....which means a better chance of getting some decent marketing spend, more aggresive placement in bookstores.

The counter argument to that is...'but what happens if my sales aren't enough to earn out a particularly large advance? Won't my reputation forever be mud?' The answer is 'yes'. But the alternative is worse...a publisher buys your book with a very modest offer and they throw it out into the market place without any fanfare whatsoever to fend for itself with all the thousands of other un-announced releases. If it falls flat and sells nothing (like most of those other unmarketed books) so what? They won't have lost that much. Meanwhile, the one book by an unknown author they paid a fortune for (hopefully you) will be marketed to the hilt, sell bucketloads, and the profit will cover the loss on all those other published-once-and-forgotten novels.

So...get as big an advance as you can, that'll guarantee loads of publisher support. And just make sure you keep 'em happy with one good book after the next.

[Manat]

Congratulations!

You must be thrilled. Just wondering, is there anyway you can find out who would give you the best distribution and print run? I know print runs aren't generally a part of contract negotiations but can it be under the circumstances? Hope you post again after the auction and let us know how it went.

[Bufty]

Congratulations.

[illiterwrite]

But the alternative is worse...a publisher buys your book with a very modest offer and they throw it out into the market place without any fanfare whatsoever to fend for itself with all the thousands of other un-announced releases. If it falls flat and sells nothing (like most of those other unmarketed books) so what? They won't have lost that much.

Hey, that sounds familiar.

Anyway, congratulations! Your agent will have some advice. Like others have said, take your time deciding. For me, the amount of marketing (and things like "placement" in bookstores) would count for a lot.

[Wraith]

As an unpubbed newb, I have no advice, but a big fat CONGRATS for you. I wouldn't mind it even if it was a bragging thread, cause you have all the reasons to be proud. Awesome news, bluemoon!

:hooray:

[callalily61]

That is just AWESOME! Congratulations!!!

[larocca]

Buy high, sell low.

No, wait, that doesn't sound right...

[brunoshouse]

Absolutely Awesome!!!!

[swvaughn]

Woo hoo, you! :D

May each publisher offer you buckets of money, and may you dine at the banquet table of Successful Authors With Oodles of Publisher Support.

Oh -- and listen to your awesome agent, for she will help you get through this without fainting. :)

CONGRATS!!!!

[Bubastes]

Just wanted to chime in my congratulations. How exciting! Just sit tight and let your friendly agent take care of you. Sending "big pots o' money" vibes your way!

[Queen of Swords]

That's wonderful! And though the actual auction won't be like this at all, I keep imagining a Sotheby's kind of thing, your agent wielding a gavel while a crowd of well-dressed editors raise hands or batons to indicate how high they're going to bid. :)

I don't have any advice, other than "enjoy it"!

[Saundra Julian]

How wonderful, congratulations!

[Old Hack]

In addition to all the excellent advice offered so far, I would wait until the results come through, then meet up with each of the editors concerned. You might just discover someone who you would really like to work with--or worse, someone you can't abide.

[Prawn]

That's wonderful news! I am jumping for joy and green with envy!

[sunna]

No advice here, just a big CONGRATULATIONS - that's wonderful. I'm sure it'll be nerve-wracking, but enjoy every minute! :partyguy:

[Carrie R.]

Congrats! That's wonderful news!

Some other things to think about... I looked at Publisher's Marketplace to see what other books the editors recently bought to get a sense for their taste and see how you and your book fit in. I even looked at some of their authors' blogs and books to see if they mentioned/thanked/praised their editors (plus, there's always google!). I also asked about distribution -- which houses really got the book to the marketplace. And if you have the time, you might go down to the local bookstore and just scan the books to see which house has the biggest presense on the bookshelves.

I agree with those who said advance is not the be all and end all (plus all of that gets tangled in what rights they get, etc). It was important to me that my editor and I share the same vision for the book and for my career. It was also important to me that the house I signed with had good distribution because it all means nothing if your book isn't getting into the stores.

And then, in the end you listen to your agent :) Let us know how it goes!!

[Namatu]

:hooray:Congratulations! That's great news! :hooray:

[Philip64]

I agree with Garpy. Always follow the money unless you have a very concrete reason not to (and I'm struggling to think of one.)

Of course there are other factors which will influence how well your book is handled. But there is, in reality, no way of assessing those ahead of the event. Publishers will tell you all kinds of things about the marvellous plans they have for your book, but, frankly those assurances are not worth a dime. The publisher may come through for you. Equally likely, his (or, more likely, her) plans may simply change. The publishing team may lose confidence in your title between contract and publication (because later in-house readings are lukewarm, for example). The person that bought the book, and who has the biggest personal stake in it, may leave the company. Or they may find they don't have the money to back your title that they'd hoped.

It is possible to nail certain commitments regarding marketing etc into your contract, but that's unusual and very difficult to enforce in practice. It is better to get your agent to verbally commit to things that will be visible and embarassing to renege on. One example: ask if the book will get one page in the catalog or a double-page spread. In my experience that is a simple but quite reliable test of the importance with which your title is regarded (a message that the retailers who receive the catalog get loud and clear!)

[qdsb]

Congrats!! Keep us updated!

[Maprilynne]

If you get a chance, talk to the editors you are deciding between and ask about edits. A lot of edits should not scare you away so long as you feel like they are the right edits. Hopefully you'll find someone who not only has the same vision as you, but is willing to serve up a boatload of money to do it.;)

Congrats!

[ORION]

I repeat. Listen to your agent- They will talk to you about the pros and cons of each offer -- and following the money is not always the best strategy- think very carefully (your agent will talk to you about this) about world rights versus North American rights- in less than a year I nearly equaled my NA advances with foreign advances - it's also something your agent will discuss with you. As far as marketing and number of copies and those details- the get discussed in the contract down the line. Talking to each editor on the phone was something both the editors and my agent thought was extremely important - and questions about title and cover are asked and answered- I had editors say they wanted me to agree to a title change right up front and others say they loved the title - so this is info you can use- I asked how much and what type of editing they foresaw and one said right up front they wanted the ending changed...
This is just my experience in an auction and may not reflect everyone else's experience- Each is conducted slightly different -

[Simple Living]

This is not meant to be a bragging thread,

Why not?! BRAG! You've earned it! Congratulations! I'm really happy for you! You want opinions? ROLL AROUND IN THIS MOMENT! They don't come around very often!

[bluemoonscribe]

UPDATE

The auction started yesterday. Four houses are bidding a very respectable amount of money each book in a three-book deal. (I'll be more comfortable giving specifics when this is all signed and done. Sorry.) I've also been very happy with the bonuses offered. My agent is once again proving her absolute awesome-ness guiding me through this process, keeping the editors going and patiently explaining weird terms to me, like flow-through after payout. We went through two rounds of bidding and had to stretch it until today.

Thanks to all for their advice and kind words. I'll let you know how it goes!!

[Saundra Julian]

We're all very excited for you so please do let us know when you're ready to reveal all!

[Cassidy]

Congratulations! Great news. And keep us posted!

[roger]

Congratulations!!!! That's fantastic news.

Don't really have any advice apart from: ENJOY THE FUN!

Seems to me there is no bad outcome to this.

Gentle Axe went to auction in a couple of countries, notably Germany. In that case, the highest bidder also happened to be the one who had the most ambition for the book in terms of marketing, so it was an easy decision to make. They also seemed like fun people who communicated enthusiasm and excitement about my book. I liked that in them.

[Prawn]

UPDATE

The auction started yesterday.

How long does an auction last?

[ORION]

Mine lasted for the NYC morning and I chose/accepted by NYC afternoon (my morning here in Hawaii). My publisher had the first meeting to plan for my book the next day. Other auctions last different lengths depending on how many round you go and how many publishers are involved. I've heard of them lasting days...

[gp101]

Wonderful news!

No advice from here, I have none.

Lots o' luck, and enjoy an especially good turkey day.

[bluemoonscribe]

How long does an auction last?

Mine lasted two days. I think there were four rounds, two each day. All the editors participating were very kind.

I was very happy with the offers. And with my agent, who is, again, the greatest agent ever. I have been offered a three book deal. I chose the company and editor and advance that I was most comfortable with. I never imagined getting this sort of attention. I'm still expecting to wake up and realize this was all a prolonged hallucination caused by an allergic reaction to antibiotics.

I'll be able to breathe a lot easier after I sign the contract. Right now, I'm just raring to go on the edits. The first book is supposed to be released in early 2009, which means I will be very busy doing the next two books in the next year.

Thanks again for all of the kind words and advice. It came in very handy.

[Rolling Thunder]

When the time comes, Blue, put the information about your books in the AW Library (http://www.absolutewrite.com/forums/forumdisplay.php?f=91).

Guidelines are here: http://www.absolutewrite.com/forums/showthread.php?t=24863

Congrats! :)

[Saundra Julian]

Great news, congratulations!

[LordDelusions]

im not into chic-lit, but
mind if we know the agent/publisher is? and the title i guess.?

[David Erlewine]

Nothing too helpful to add other than heartfelt CONGRATULATIONS.

Well, okay, my advice is take at least one day this weekend to just soak everything in and DON'T WORK AT ALL that day on the edits. Just treat yourself all day and think about how great/wonderful this is for you.

Not that it's the same but when I passed the bar exam I had a plan (developed while waiting an agonizing 4 months or so to find out) that the day I found out I'd enjoy that weekend without doing any work. Well, I found out on a Friday night and partied well enough that night but by Saturday I was back at my firm, doing work.