novice literary agent: How do I conduct a book auction?

Question

Hi! I signed a contract with author of a good book on health in Russian -- as his agent, and I sent first chapters to several Russian publishers. Two publishers that kow me personally
[They knew me because of my work with Klaus Joehle books http://lovebook2.tripod.com (I've translated them from English into Russian) that sell well in Russia, but are not widely known in the States]
responded that they want to buy the book rights.

Now, how do I conduct a book auction? Shall I ask them to submit to a certain date their proposals "in general"? Or shall I ask them to give me following figures:
1.royalty % to the author
2.number of years for the contract (new author is interested in giving the book for less years, the publisher is interested in more years)
3.proceeds to the author from foreign rights (we shall ask for more than 50%, right?)
4.upfront payment deductible from royalties

Then I shall negotiate with each of 2 for better terms and then choose the best one, right?

FiveStarAuthor · Accepted Answer

Hi there. I'm not sure I can answer your question about a book 'auction' as those are usually conducted by big agencies with lots of clients. A two publisher auction may not be the way to go.

Get with your author, ask him/her what they want in the way of an advance, contract terms (5 years is standard), royalty percentage (10-15% is standard for all rights) and other rights. Add your percentage on top of that and make a presentation to the two publishers. Make it in writing and tell them there are "other parties involved in negotiations at this time" and that you need an answer in 15 days. Typical advances range from $1,000 US for first timers to six figures for established names. Don't expect to get anything over $5,000. That's realistic. And that's an ADVANCE, which means the book has to earn out about three times that much for the author to get any royalties.

Here's a reality check for you. 80% of all the books published on the planet earn less than a dollar a copy over a five year contract, so don't assume your author or you are going to get rich on a first title. Be realistic in your negotiations.

Good luck, whatever you decide.

Jon F. Baxley (Author, Editor, Ghostwriter and Proofreader)

THE SCYTHIAN STONE (eBook only)
THE BLACKGLOOM BOUNTY (eBook and hard cover)
THE REGENTS OF RHUM (coming fall '07)

(For a FREE copy of my four chapter illustrated demo of The Blackgloom Bounty, email me at FiveStarAuthor@aol.com).

My author blog: http://the-blackgloom-bounty.blogspot.com/

My Shelfari Page: http://www.shelfari.com/FiveStarAuthor/profile

PS: If you really ARE an agent, email me about Russian translations for my books. I might be interested.

Andrea · Answer

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novice literary agent: How do I conduct a book auction?

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