Things Looking Up for Publicly Traded Rare Book Seller
- by Michael Stillman
Shapero Rare Books (from their website).
The largest publicly traded rare book seller has reported improving results over the past year. Sales are up for Scholium Group, parent of London based bookseller Shapero Rare Books. Using a fiscal year that closed on March 31, 2016, Scholium reported "revenue is materially ahead of the prior year," and added, "as a result of which the pre-tax result is expected to be broadly break even." Exact figures were not released, though greater detail is expected to be provided in July.
Scholium stated that Shapero Rare Books has been growing over the past year, citing positive results from its newer Modern & Contemporary department. It also said that its Scholium Trading Division, which works with other dealers in trading particularly expensive items, had a good year.
Scholium, like many in the book trade, had some challenging years. It had some exposure to wealthy Russian clients whose purchases have backed off. Expansion in the modern and contemporary field has helped to bring in more American sales.
Commenting on the company's results, Scholium Chairman Jasper Allen said, "The second half of the year continued the welcome trend that started in the first half of the year - the market in our core areas of expertise has stabilised. We look forward to the new year with a strong balance sheet in a market which, we believe, will provide opportunities for growth either organically or by the acquisition of teams."
