Rare Book Monthly

Articles - May - 2014 Issue

Antiquarian Bookseller Completes Successful Stock Market IPO

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Shapero Rare Books is a world leader in rare and antiquarian books.

New offerings in the stock market, IPO's (initial public offering), are common these days, particularly in the high tech field. Those from well-known brands like Facebook and Twitter received enormous publicity and billions of dollars in investments. Everyone, it seems, wants to participate. What you don't expect to see is public offerings in old technology, and what could be more old technology than antiquarian books? Of course, yesterday's technology can be today's collectible, and that was the justification for a recent IPO you might have missed. The company was Scholium Group. The IPO was not covered by Bloomberg News, nor debated by the talking heads on CNBC. The stock had no dramatic movement, either up or down, on opening day. This one definitely slid under the radar of the financial news beat.

 

Scholium Group, a name you may not recognize, has three major divisions. There is South Kensington Books, a London shop selling newer titles, and Ultimate Library, which provides books for libraries in luxury hotels and personal residences. However, the division that will be familiar to those in the rare and antiquarian book trade is Shapero Rare Books. Shapero has been selling high-end rare and antiquarian books and other works on paper since it was founded by Bernard J. Shapero in 1979. Scholium acquired Shapero Rare Books a few years ago when its finances became tight, but Mr. Shapero remains with the firm in senior management.

 

While many dealers have found these to be challenging times in the rare book trade, evidently Scholium's CEO, Philip Blackwell, doesn't see it that way. He exudes confidence. Blackwell has long been involved in the book trade if not the rare book trade, he being of the English bookselling Blackwell family. He was previously Group CEO of the Oxford based Blackwell's book stores and international wholesaler. As for the antiquarian market, it should be noted that Shapero's segment, the high end, has been the most robust in recent years. In its registration statement, Scholium reported that Shapero had £5.38 million (roughly US $8.95 million) in sales last year. The average price per book sold was £6,100 ($10,140), the highest £400,000 ($665,000).

 

Scholium provided the following reasons for its seeking additional capital in the public market:

 

“provide it with capital to increase the stock of its business dealing in rare and antiquarian books and works on paper;

 

“provide it with capital to trade, in affiliation with other dealers, in the wider rare and collectibles market;

 

“provide it with access, in due course, to further capital to finance ongoing growth of the business, both organically and by acquisition of related businesses;

 

“attribute a value to its Ordinary Shares to increase employee motivation intended to be achieved by the employee incentivisation schemes; and

 

“enhance its public and corporate profile.”

 

Offered were 8 million shares at £1 each, for a total of £8 million, or US $13.3 million. Trading began on March 28 with listing on the AIM division of the London Stock Exchange. While the offering was not flashy, it was successful. All shares were sold. Adding retained shares, the company ended the day with a market value of £13.2 million ($21.9 million).

 

In a statement released prior to the offering, Mr. Blackwell said, “We are delighted to bring our company to market. The market for rare and collectible items is growing internationally alongside global wealth, and London is a key centre for this trade. The first step is to grow Shapero Rare Books, one of the most respected international dealers in rare books and other works on paper. Supportive capital from the London IPO market will allow us to take advantage of the attractive economics of the more general rare and collectibles market. High end dealers in these markets have limited access to capital and this will put us in a fantastic position to trade alongside these established specialist dealers to find and acquire high value items and collections beyond the reach of their normal capacity. These works will be sold on to the customers of Scholium and its dealer partners. We have an exciting opportunity to provide investors with exposure to the growing global high value collectibles market.”

 

After the IPO was completed, Mr. Blackwell concluded, “We are delighted to have received strong support from both institutional and retail investors. The market for rare and collectible items is growing internationally alongside global wealth, and London is a key centre for this trade.”

 

One point specific to Shapero is that they have connections with collectors to the east, Russia and other remnants of the old Soviet empire. Russia may not be filled with rich people, but there are a few of extreme wealth. Some are interested in acquiring the most important books of their own heritage, many of which found their way to Europe in the years when personal wealth was not considered a good thing in Russia. Shapero is helping facilitate that return.

 

Scholium's plan is to return a share of its profits to investors. They stated their first dividend, subject to “the Group's profitability, underlying growth, availability of cash and distributable reserves, and the need for funding to support the development and expansion of the business,” is envisaged as occurring in June 2015. They add that “the Company will adopt a progressive dividend policy thereafter.” For anyone who has ever dreamed of owning an antiquarian bookstore, but never wanted the hassle of actually running one, you can become a co-owner for as little as a pound, more or less. If you would like to track the stock, its ticker symbol on the London Exchange is SCHO (you may find it on U.S. sites as either SCHO.L or SCHO-GB).

Rare Book Monthly

  • <b><center>Hindman Auctions<br>Literature from a Private New Orleans Collection<br>March 19, 2021</b>
    <b>Hindman Auctions, Mar. 19:</b> STEINBECK, John (1902-1968). <i>The Pastures of Heaven.</i> New York: Brewer, Warren & Putnam, 1932. $10,000 to $15,000.
    <b>Hindman Auctions, Mar. 19:</b> FITZGERALD, F. Scott (1896-1940). <i>Tender is the Night.</i> New York: Charles Scribner's Sons, 1934. $6,000 to $8,000.
    <b>Hindman Auctions, Mar. 19:</b> STOKER, Bram (1847-1912). <i>Dracula.</i> Westminster: Archibald Constable and Company, 1897. $5,000 to $7,000.
    <b><center>Hindman Auctions<br>Literature from a Private New Orleans Collection<br>March 19, 2021</b>
    <b>Hindman Auctions, Mar. 19:</b> GOLDING, William (1911-1993). <i>Lord of the Flies.</i> London: Faber and Faber, 1954. $4,000 to $6,000.
    <b>Hindman Auctions, Mar. 19:</b> SALINGER, J. D. (1919-2010). The Catcher in the Rye. Boston: Little, Brown and Company, 1951. $4,000 to $6,000.
    <b>Hindman Auctions, Mar. 19:</b> HEMINGWAY, Ernest (1899-1961). <i>The Torrents of Spring.</i> New York: Scribner's, 1926. $3,000 to $4,000.
    <b><center>Hindman Auctions<br>Literature from a Private New Orleans Collection<br>March 19, 2021</b>
    <b>Hindman Auctions, Mar. 19:</b> HUXLEY, Aldous (1894-1963). <i>Brave New World.</i> London: Chatto & Windus, 1932. $3,000 to $4,000.
    <b>Hindman Auctions, Mar. 19:</b> WELLS, H.G. <i>The Time Machine, an Invention.</i> New York: Henry Holt, 1895. $3,000 to $4,000.
    <b>Hindman Auctions, Mar. 19:</b> DAHL, Roald (1916-1990). <i>Charlie and the Chocolate Factory.</i> New York: Alfred A. Knopf, 1964. $2,000 to $3,000.
    <b><center>Hindman Auctions<br>Literature from a Private New Orleans Collection<br>March 19, 2021</b>
    <b>Hindman Auctions, Mar. 19:</b> HERBERT, Frank (1920-1986). Dune. Philadelphia: Chilton Books, 1965. $2,000 to $3,000.
    <b>Hindman Auctions, Mar. 19:</b> KESEY, Ken (1935-2001). <i>One Flew Over the Cuckoo's Nest.</i> New York: The Viking Press, 1962. $2,000 to $3,000.
    <b>Hindman Auctions, Mar. 19:</b> VONNEGUT, Kurt, Jr. (1922-2007). <i>Slaughterhouse-Five or The Children's Crusade.</i> New York: Seymour Lawrence Delacorte Press, 1969. $2,000 to $3,000.
  • <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
    <center><b>California Virtual Book Fair<br>March 4-6, 2021<br>www.abaa.org/vbf</b>
  • <center><b>The Collectors’ Sale<br>March 3, 2021</b>
    <b>Fonsie Mealy, Mar. 3:</b> Verlag, Luzern, Publishers: <i>The Book of Kells,</i> the most precious illuminated manuscript of the early Middle Ages, now reproduced, the FIRST AND ONLY COMPLETE FINE ART FACSIMILE EDITION. €5,000 to €6,000.
    <b>Fonsie Mealy, Mar. 3:</b> Rowling (J.K.) <i>Harry Potter and the Philosophers Stone,</i> 8vo, L. (Bloomsbury) 1997, First Deluxe Edn., Signed by the Author on title page. €4,000 to €5,000.
    <b>Fonsie Mealy, Mar. 3:</b> Gilbert (John T.) Account of Facsimiles of National Manuscripts of Ireland, from the earliest extant specimens to A.D. 719. €2,000 to €3,000.
    <center><b>The Collectors’ Sale<br>March 3, 2021</b>
    <b>Fonsie Mealy, Mar. 3:</b> <i>The Georgian Society Records of Eighteenth-Century Domestic Architecture in Dublin [-Ireland],</i> 5 vols. lg. 4to D. 1909 - 1913. Limited Editions. €1,500 to €2,000.
    <b>Fonsie Mealy, Mar. 3:</b> Yeats (W.B.) <i>The Poems of W.B. Yeats,</i> 2 vols., roy 8vo, L. (MacMillan & Co.) 1949, Limited Edn., No. 185 (of 375 copies). Signed. €1,500 to €2,000.
    <b>Fonsie Mealy, Mar. 3:</b> Crone (John S.)ed. <i>The Irish Book Lover, A Monthly Review of Irish Literature and Bibliography.</i> Vol. I No 1 August 1909 - Vol. XXXII No. 6, September 1957. €1,250 to €2,000.
    <center><b>The Collectors’ Sale<br>March 3, 2021</b>
    <b>Fonsie Mealy, Mar. 3:</b> Yeats (John Butler) <i>An original self-portrait Sketch,</i> Signed and dated April 1919, N[ew] York. €1,200 to €1,500.
    <b>Fonsie Mealy, Mar. 3:</b> Photograph Album. Entitled ''A Souvenir of the Visit to Jeypore Samasthanam of His Excellency the Right Hon'ble Viscount Goschen of Hawkhurst… 14th December 1927''. €1,000 to €1,500.
    <b>Fonsie Mealy, Mar. 3:</b> Pistolesi (Erasmo) <i>Il Vaticano,</i> 8vols. large atlas, folio Rome (Tipografia della Societa..) 1829. €500 to €600.
    <center><b>The Collectors’ Sale<br>March 3, 2021</b>
    <b>Fonsie Mealy, Mar. 3:</b> Chagall (Marc)illus., Legmarie (Jean) comp., <i>The Jerusalem Windows,</i> folio N.Y. (George Braziller) 1962. €400 to €500.
    <b>Fonsie Mealy, Mar. 3:</b> Bullitt (Thos. W.) <i>My Life at Oxmoor,</i> Life on a Farm in Kentucky before the War. Roy 8vo Louisville, Kentucky, 1911. Privately Printed No. 86 of 100 Copies Only. €300 to €400.
    <b>Fonsie Mealy, Mar. 3:</b> Popish Plot: Oates (Titus) <i>The Popes Whore House or The Merchandise of The Whore of Rome,</i> folio L. 1679. First Edn. €100 to €150.
  • <b>Swann Auction Galleries Mar 11:</b> Dorothea Lange, <i>Migrant Mother (horizontal),</i> silver print, 1936. $20,000 to $30,000.
    <b>Swann Auction Galleries Mar 11:</b> Group of 32 WWII-era identification badges for manufacturing & military-related companies, 1940-50s. $2,000 to $3,000.
    <b>Swann Auction Galleries Mar 11:</b> Julia Margaret Cameron, <i>Alfred, Lord Tennyson,</i> albumen print, 1869. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 11:</b> Arnold Genthe, <i>Portrait of Theodore Roosevelt,</i> silver print, circa 1908. $1,000 to $1,500.
    <b>Swann Auction Galleries Mar 11:</b> Edward Curtis, <I>Oasis in the Badlands,</I> toned platinum print, 1905. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 11:</b> Francis Frith, three volumes, approximately 140 photographs, 1860-70s. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 11:</b> Eugène Atget, <i>20 Photographs,</i> gold-toned silver prints by Berenice Abbott, 1898-1927. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 11:</b> Neil Leifer, <i>Muhammad Ali,</i> chromogenic print, 1965. $4,000 to $6,000.
    <b>Swann Auction Galleries Mar 11:</b><br>A group of approximately 50 Photomatic selfies of the same man taken over a period of time, 1940s. Estimate $1,500 to $2,500.

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