In 1952, literary agent Scott Meredith did the unthinkable: he sent the same manuscript to ten publishers at the same time, and single-handedly invented the book auction. At least, that’s how Meredith told it, and how his obituaries eventually reported it. The book industry thrives on lore, and Meredith was known to have a flexible relationship with the truth.

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Not a week goes by without news of a high-profile auction breaking in Publishers Weekly . The auction has become a symbol a writer’s promise, of a publisher’s eagerness, of an agent’s ferocity. A buzzy auction sets the tone for a book, amping up expectations for success. It is publishing at its most capitalistic: high-risk, in hopes of high reward.

The problem with Meredith’s story of the first book auction is that it’s probably not true—at least, not strictly speaking.…