The Problem with Auctions

In book publishing, an auction is when an agent sends out a project simultaneously to several editors, usually in the hopes of starting a bidding war. Agents conduct auctions in various ways, each with their own rules. One might assume that, when possible, agents prefer auctions to secure the best possible advance, but it turns out that’s not necessarily the case—according to an illuminating panel at the annual winter conference of the Society of Children’s Book Writers and Illustrators, held in New York City last weekend.

When asked what he would change about the publishing process—if he could change only one thing—longtime publisher and editor Arthur A. Levine said it would be auctions. In fact, at the independent publishing company he founded, Levine Querido, he doesn’t participate in auctions at all, partly because he can’t compete financially against the Big Five in terms of the advance. But also, “I feel kind of overwhelmed by the commonality of getting a manuscript at the same time as 20 other editors.” He understands why it’s appealing for the agent and author, because editors are slow, and it can be unfair to make an author wait for one individual response after another. On the other hand, he said, “My responsibility first and foremost is to the authors that I’m working with, that are on my list. I can’t be dropping the manuscript I’m working on every day because there’s an auction and everything has to happen right then. I would change that if I could change one thing.” He later implied that it’s not possible for any book to be sent to 15 or more editors who would all have the same capability to support the project based on their experience and connections. His comments were reminiscent of what a couple of high-profile agents said during the DOJ-PRH trial: that they hand-select editors rather than conduct auctions because the right editor is essential to the success of a book.

Agent Regina Brooks, who is also vice president of the Association of American Literary Agents, piped up immediately to say that she agreed with Levine. “Other agents really do like that process, but I find it very nerve wracking.” Moreover, she added, “I don’t always get the best editor for the project” when the process is driven by who can pay the biggest advance. “If money mattered in that much of a way, I wouldn’t be in publishing. The financial component is important, but not as important as getting the right shepherd for your project, and auctions take that away.”

Patricia Ocampo of Kids Can Press, another independent publisher, believes it’s wiser for both agents and authors to think about earning out and the longevity of a career. Brooks pointed out that one of the most successful books she represented was published by a very small publisher. It made lots of money, but the authors didn’t get a huge advance. Rather, Brooks said, “It was the right editor at the right time.” Kate Egan of Pixel + Ink Books said it’s easy to imagine how an auction would be very exciting for an author, but it’s important for agents to communicate to them: “Don’t get swept up by the big dollar signs.”

With that, the conversation turned to the all-important marketing and publicity support from the publisher. Ocampo asked, “What about the money toward the sales and marketing plan?” Rather than focusing on the advance, she said it’s just as important to learn what the publisher will do to support the book. When looking at plans presented as part of auctions, she argued most plans “are not going to be very creative.” For example, everyone says they will send galleys—but so what? Levine agreed and said the marketing plans submitted during auctions generally all look the same. (Not explored: Surely agents realize this, so do they tell authors the plans are cookie cutter and not all that meaningful?)

Brooks said the one change she’d like to make to the publishing process is to assign the marketing and publicity people to the book at the point of acquisition, rather than much later, once the book is more or less complete. “I’m very interested in working with my authors as it relates to publicity and marketing, and I feel like I have my finger on the pulse of the audience in a way the in-house people don’t [at the publisher].” But the publisher loses an opportunity to tap into her resources if they start planning too late in the process—many ideas need to be put in motion a year or more in advance. Brooks complained that she’s tired of suggesting ideas to publishers, then hearing back, “Oh well, we should’ve thought about that a long time ago, it’s too late. The money’s already spent.” Levine replied, “I think you’re spot on,” and said this also speaks to the problem of the editor who may have very limited control over what happens to a book other than editorially.

Bottom line: At a separate SCBWI panel called Piranha Pit, authors competed against each other to pitch their book marketing plan (for an existing book) to win $1,000 in funding. We were struck by the creativity and vision exhibited by all the authors participating. Some were traditionally published and award winning, and it was sad to imagine how these proactive, motivated authors have essentially been left on their own to keep pushing, to be scrappy, and to find someone—outside of their publisher—to see the value and potential in their book and ideas for continued visibility. (The winner of the competition: Strong by Rob Kearney and Eric Rosswood, illustrated by Nidhi Chanani.)