Rare Book Monthly

Articles - January - 2019 Issue

Scholium Group Reports £56,000 Loss in First Half of Fiscal Year

The Scholium Group, corporate parent of Shapero Rare Books, released its interim financial report for the six months ending September 30, 2018. While holding several divisions, Shapero Rare Books is the largest part of their business. As the only publicly traded rare and antiquarian book specialist, their results can provide a window on the market.

 

The report showed Scholium had a loss of £56,000 for the six months, compared to a profit of £61,000 the prior year. Revenue was down slightly, but gross margin was up by 4%. However, as is often the case with corporate statements, this isn't a very accurate yearly comparison. A couple of factors intervened to make this something other than an apples-to-apples comparison.

 

During the past year, Scholium added a new division, Mayfair Philatelics. As with most startup businesses, it incurred a loss, while adding to overall revenue. Expenses rose year over year by £242,000, but of this amount, £220,000 was attributable to the new stamp business. In all, Mayfair Philatelics lost £104,000. If this is removed, the year-to-year comparison would have been a profit of £48,000 compared to prior year profits of £61,000. In addition, a minor change in the timing of accounting for revenue reduced income by another £14,000, meaning income, on a fair comparison basis, was virtually the same as the prior year.

 

Overall sales decreased slightly despite the addition of sales, albeit unprofitable ones, from Mayfair Philatelics. This reflects a decrease in sales of £241,000 by Shapero Rare Books. This again is a misleading number. Regular sales were actually up at Shapero. The difference is that last year they made an en bloc sale of a 50% interest in their Russian inventory to a former employee. This generated a larger amount of sales, but no income as the material was sold to the former employee at cost. The result is that while Shapero's sales technically decreased, its gross profit margin also, technically, increased by the removal of a large volume of profitless sales. Overall, Shapero Rare Books, and the smaller Shapero Modern, registered an increase in profits of about £20,000.

 

In describing its strategy, Scholium noted a plan common to many private booksellers, "diversification of revenue streams." In Scholium's case, that is represented by the Mayfair collectible stamp business. They have been selling more items at auction as well, and attempting to sell on behalf of others, rather than holding everything in inventory. These steps can reduce cash needs and inventory holdings while speeding turnover. Scholium noted that the firm is "focused on reducing its inventory as part of the process of rebalancing its business towards consignments from third parties for either retail or auction sales." They further noted that "increasing the number of consignments, as compared with purchasing stock," is part of then plan for "both its books and philatelic businesses."

 

The firm did point out that it expects costs to increase over the next six months. The Mayfair business, which held one auction in the past six months, has three scheduled for the coming six months. Both Mayfair and Shapero have more fairs and catalogues scheduled for the coming period, which will add to marketing expenditures. On the other side, that increased activity is anticipated to add to revenues as well.

 

Speaking of the half-year results, Scholium Group's Chairman, Jasper Allen, stated, "It has been pleasing that the group's main trading subsidiary, Shapero Rare Books, and Scholium Trading continue to trade profitably in this first six months to 30 September 2018." Plans for the future include maintaining the momentum at Shapero Rare Books and increasing revenues in the stamp business, while reducing the level of stock.

Rare Book Monthly

  • Bonhams, Apr. 21-29: ANDERSEN'S EXTREMELY RARE FIRST APPEARANCE IN PRINT. "Scene af: Røverne i Vissenberg i Fyen." in Harpen, 1822.
    Bonhams, Apr. 21-29: FIRST ISSUE OF THE FIRST THREE FAIRY TALE PAMPHLETS, WITH ALL INDICES AND TITLE PAGES. Eventyr, fortalte for Børn. 1835-1837.
    Bonhams, Apr. 21-29: THE FIRST FAIRY TALES WITH A SIGNED CARTE DE VISITE OF ANDERSEN AS FRONTIS. Eventyr, fortalte for Børn. 1835-1837.
    Bonhams, Apr. 21-29: KARL LAGERFELD. Original pastel and ink drawing in gold, red and black for Andersen's The Emperor's New Clothes (1992), "La cassette de l'Empereur."
    Bonhams, Apr. 21-29: PRESENTATION COPY OF THE SIXTH PAMPHLET FOR PETER KOCH. Eventyr, Fortalte For Børn, Second Series, Third Pamphlet. 1841. Publisher's wrappers, complete with all pre- and post-matter.
    Bonhams, Apr. 21-29: HANS CHRISTIAN ANDERSEN RARE AUTOGRAPH QUOTATION SIGNED IN ENGLISH from "The Ugly Duckling," c.1860s.
    Bonhams, Apr. 21-29: HEINRICH LEFLER, ORIGINAL WATERCOLOR FOR ANDERSEN'S SNOW QUEEN, "Die Schneekönigin," 1910.
    Bonhams, Apr. 21-29: FIRST EDITION OF ANDERSEN'S FAIRY TALES IN ENGLISH. Wonderful Stories for Children. London, 1846.
    Bonhams, Apr. 21-29: ANDERSEN ON MEETING CHARLES DICKENS. Autograph Letter Signed ("H.C. Andersen") in English to William Jerdan, July 20, 1847.
    Bonhams, Apr. 21-29: PRESENTATION COPY FOR EDGAR COLLIN. Nye Eventyr og Historier. Anden Raekke. 1861.
    Bonhams, Apr. 21-29: DOLL HOUSE FURNITURE BY HANS CHRISTIAN ANDERSON, DECORATED WITH FANTASTICAL CUT-OUTS, for the children of Jonna Stampe (née Drewsen), his godchildren.
    Bonhams, Apr. 21-29: PRESENTATION COPY FOR GEORG BRANDES. Dryaden. Et Eventyr fra Udstillingstiden i Paris 1867. 1868.
  • Sotheby's
    Sell Your Fine Books & Manuscripts
    Sotheby’s: The Shem Tov Bible, 1312 | A Masterpiece from the Golden Age of Spain. Sold: 6,960,000 USD
    Sotheby’s: Ten Commandments Tablet, 300-800 CE | One of humanity's earliest and most enduring moral codes. Sold: 5,040,000 USD
    Sotheby’s: William Blake | Songs of Innocence and of Experience. Sold: 4,320,000 USD
    Sotheby’s: The Declaration of Independence | The Holt printing, the only copy in private hands. Sold: 3,360,000 USD
    Sotheby's
    Sell Your Fine Books & Manuscripts
    Sotheby’s: Thomas Taylor | The original cover art for Harry Potter and the Philosopher's Stone. Sold: 1,920,000 USD
    Sotheby’s: Machiavelli | Il Principe, a previously unrecorded copy of the book where modern political thought began. Sold: 576,000 GBP
    Sotheby’s: Leonardo da Vinci | Trattato della pittura, ca. 1639, a very fine pre-publication manuscript. Sold: 381,000 GBP
    Sotheby’s: Henri Matisse | Jazz, Paris 1947, the complete portfolio. Sold: 312,000 EUR
  • Fonsie Mealy’s
    Rare Books & Collectors’ Sale
    April 30th & May 1st
    Fonsie Mealy’s, Apr 30-May 1: Taylor (Geo.) & Skinner (A.) Maps of the Roads of Ireland, Surveyed 1777. Lond. & Dublin 1778. €500 to €750.
    Fonsie Mealy’s, Apr 30-May 1: Messingham (Thos.) Florilegium Insulae Sanctorum seu Vitae et Acta Sanctorum Hibernia, Paris 1624. €350 to €500.
    Fonsie Mealy’s, Apr 30-May 1: Heaney (Seamus). The Haw Lantern, L. (Faber & Faber) 1987, First Edn., Signed and dated. €225 to €350.
    Fonsie Mealy’s, Apr 30-May 1: Valencey (Lt. Col. Chas.) Collectanea de Rebus Hibernicis, Vols. I-IV, 4 vols. Dublin 1786. €400 to €600.
    Fonsie Mealy’s, Apr 30-May 1: Powerscourt (Viscount). A Description and History of Powerscourt, Lond. 1903. €350 to €500.
    Fonsie Mealy’s, Apr 30-May 1: Moryson (Fynes). An Itinerary ... Containing His Ten Yeeres Travel Through the Twelve Dominions of Germany, Bohermerland, Sweitzerland…, Lond. (John Beale) 1617. €700 to €1,000.
    Fonsie Mealy’s, Apr 30-May 1: After Buffon, Birds of Europe, c. 1820. Approx. 120 fine hd. cold. plts., mor. backed boards. €125 to €250.
    Fonsie Mealy’s, Apr 30-May 1: Dunlevy (Andrew). An Teagasg Criosduidhe De Reir Ceasda agus Freagartha... The Catechism or Christian Doctrine by Way of Question and Answer, Paris (James Guerin) 1742. €400 to €700.
    Fonsie Mealy’s, Apr 30-May 1: The Georgian Society Records of Eighteen-Century Domestic Architecture in Dublin, 5 vols. Complete, Dublin 1909-1913. €500 to €750.
    Fonsie Mealy’s, Apr 30-May 1: Scale (Bernard). An Hibernian Atlas or General Description of the Kingdom of Ireland, L. (Robert Sayer & John Bennet) 1776. €625 to €850.
    Fonsie Mealy’s, Apr 30-May 1: [Johnson (Rev. Samuel)]. Julian the Apostate Being a Short Account of his Life, together with a Comparison of Popery and Paganism,L. (Langley Curtis) 1682. €300 to €400.
    Fonsie Mealy’s, Apr 30-May 1: Nichlson (Wm.) Illustrator. An Almanac of Twelve Sports, Lond. 1898. €300 to €400.
    Fonsie Mealy’s, Apr 30-May 1: Heaney (Seamus) trans. The Light of the Leaves, 2 vols., Mexico (Imprenta de los Tropicos/Bunholt) 1999. €1,500 to €2,000.
    Fonsie Mealy’s, Apr 30-May 1: Fleming (Ian). Moonraker, L. (Jonathan Cape) 1955. €1,500 to €2,000.
    Fonsie Mealy’s, Apr 30-May 1: Heaney (Seamus) & Egan (Felim) artist. Squarings, Twelve Poems, D. (Hieroglyph Editions Ltd.) 1991. €1,750 to €2,250.

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