Hello Janet,I’ve noticed several recent deals on Publishers Marketplace that say “in a nice deal, at auction”, and I wondered what triggers an auction for a manuscript?It sounds like a wonderful position to be in for the agent and author.
Sold at auction means that more than one editor was interested in acquiring the project.
When that happens, the agent conducts an auction, and it's much like what you've come to expect from seeing auctions on TV.
Initial bids come in. Rounds continue until one editor "wins."
That's the GENERAL scenario and there are a lot of variations.
The bids aren't just about money either; territory, royalty rates, terms, can all come in to play.
It's a harrowing couple of days, often, but yes, it's a wonderful position to have a lot of interest in a project.
The "nice deal" refers to the ballpark level of money for the deal. Those are defined at PM if you're interested.
You might be interested to know that PM invented those categories, and what numbers are associated with them, but I now see them used in a myriad of places, such that they are fast becoming an industry standard.