The current London Book Fair being held at Earls Court, one of the leading conference facilities in London, is continuing to attract the industry's key buyers.
The prestigious exhibition remains a key highlight of the year for the strong publishing industry and highlights the city's role as a major events venue.
According to the Guardian, there has been a busier than usual run-up to the fair despite the current recession. Publishers have been involved in some heated bidding for the rights to publish a number of key titles including the latest from Booker Prize winner Ian McEwan and William Boyd's planned James Bond tie-in.
Jon Wood, publishing director at Orion, explained: "The money is there for the right books and publishers are keen to spend their money on the right books.
"People are spending more per title, but buying less overall, which is why auctions are going into overdrive."
Ian McEwan's latest novel is entitled Sweet Tooth. Set in the 1970s the plot involves a young woman joining the intelligence service and falling in love with a writer while on a mission.
This year's London Book Fair has honoured Jorge Herralde, the director of Editorial Anagrama, with its Lifetime Achievement Award in International Publishing following his ongoing work to establish one of the key literary publishers in the Hispanic market.
"I feel happily surprised and honoured to accept this prize from The London Book Fair, previously awarded to such eminent colleagues," said Mr Herralde.
He added: "I would say that publishing allows me to explore, to discover, to bet, to share pleasure and enthusiasm; to practice a variety of mental gymnastics; to get on a roller coaster and other attractions from time to time."