As previously mentioned in the comments section, manuscripts are sometimes put up for auction.
So what does that mean?
Well, the traditional auction is one held by an agent who is asking publishing houses to compete for the right to publish the manuscript.
Sometimes it's about the money; and when a book goes to auction like this, it's normally something that's getting a lot of interest. But it can also be about what the publisher can offer the agent – such as marketing or publicity commitments, an ongoing relationship or the publisher's enthusiasm for the book or idea.
These factors give rise to some quite amusing auctions – such as entire editorial teams dressing up as a favourite character from the book, or wooing the author with themed cocktails and limousines!
An agent who can run a hotly contested and successful auction is a huge asset to an author. A recent example is when Hodder and Stoughton won the rights to Daughter of Smoke and Boneby Laini Taylor – their imaginative approach can't have hurt!
I have heard rumours of unpublished and unrepresented authors auctioning their manuscript rights on eBay - but I'm yet to see an example of this. If anyone has any, please let us know!
(editorial consultant)
Yes, I did indeed get offered goodie bags - by the end of the day I had so many books my por agent had to help me carry them. I am still working my way through them a year later.
I was in the fortunate position last year of my first book proposal going to auction. After several rounds I had a rather wonderful day being ferried round the publishing houses that were still in the race while they tried to sell themselves to me.
Deciding who to go for was a really tough decision (not that I'm complaining) as they were all offering quite different packages. My advice would be...don't automatically assume that you should go to the highest bidder. You may be working intimately with these people for a long time to come.
Good luck to all.
Thank you for shedding some light on this mysterious process Cressida. Who knows, if I continue to write well and get a quality literary achievement accomplished, I might have the opportunity to experience it live some day. I have not seen anything yet that would provide firm proof a manuscript can be auctioned on e-bay. If I find anything new, I'll let you know.
Xean
10/13/2010