To me, the best time in record cover design, and hence in all of graphic design, is 1945 to 1948, when Steinweiss was at CBS and the designers at Decca and RCA were giving him a run for the money. The second best body of work, to my taste, is that by Curt John Witt aka Design House. Witt never worked for a major label that I know of, so he had to take the small budgets of Plymouth-Remington, and Record Corporation of America (RCOA), and Allegro, and other labels, and make them count. He worked, in other words, with one hand tied behind his back.
I am not certain this Scheherazade cover is by Witt. He did seem to be doing all the design work at RCOA at that time, so that is a vote yes. The font is not anything I have ever seen him do, a vote no. But I love this cover, so I assume it is his. Only two colors, albeit a different two colors every time. I wonder how many other color schemes exist of this?