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"$35,000 is the new $75,000," quotes Harper president

May 27, 2009

Tags: advances, publishing

"...Crains notes that last week's auction for the story of Capt. Richard Phillips, the man who saved his crew from pirates and was rescued from his kidnappers by the Navy, "drew top bids of around $500,000--half the seven-figure advance it had been expected to fetch." There has been no deal for the Britney Spears' memoir that was aiming for a big seven-figure payday. And Harper president of general books Michael Morrison says, "Somebody said to me recently, '$35,000 is the new $75,000.'"

from The Things that Are Having Trouble Selling Round-Up, on the free version of Publishers Lunch (on Publishers Marketplace) for May 26, 2009
http://www.publishersmarketplace.com/lunch/free/

Thanks to Anita Bartholomew for calling this to our attention! Check out Anita's blog, Ask the Editor