GMAI Greg Manning Auctions (MM)

Greg Manning Auctions, Inc. (NASDAQ:GMAI) announced today that results of auctions held during the fiscal fourth quarter, which ends on June 30, 2005, have to date exceeded estimates. This trend is expected to continue through the remainder of the quarter. Highlights of recent auction activity included: -- Corinphila Auctions of Zurich, Switzerland (65% owned by GMAI) conducted multi-day event auctions on May 18-21, which included another selection from the famed Dr. Anton Jerger Collection. These highly successful auctions totaled $8.2 million in aggregate sales, eclipsing the pre-sale estimate of $7.2 million. -- GMAI's most recent acquisition, Hong Kong subsidiary John Bull Auctions, held its inaugural sale under the GMAI banner and set a John Bull all-time sales record of $1.4 million for their general auction, plus the Edward M. Gilbert Collection of Hong Kong. The pre-sale estimate of $1.1 million was conservative based on the many hundreds of absentee and floor bidders, whose competitive bidding also established records for a number of stamp and postal history lots. -- An Ivy & Manning Philatelic Auctions sale featuring worldwide stamps held on May 17-20 realized $1.5 million, well over its pre-sale estimate of $1.2 million. Moving into the active auction market of June, upcoming Greg Manning auctions include: -- An important Kohler auction in Wiesbaden, Germany currently in progress through June 4, and is expected to realize sales in excess of $2 million. -- In London, England on June 15-16, H.R. Harmer of New York will collaborate with the venerable firm of Spink, founded in England in 1666, for an important auction of British Empire stamps and postal history contained in a single-owner auction of the fourth offering from the Edward M. Gilbert Collection. The Gilbert auction is expected to realize in excess of $3 million. -- On June 18, GMAI will conduct another of its continuing quarterly series of auctions containing United States and worldwide collections and dealers' inventories, estimated to realize $2.2 million. This auction features a huge accumulation of primarily Western European stamps collected by an Australian gentleman. -- On June 24, H.R. Harmer will present the single-owner Richard Baron Cohen auction of extraordinary Mint Never Hinged 19th & 20th Century United States stamps. The Cohen auction will present for the first time an auction fully numerically graded by Professional Stamp Experts (PSE), a Collectors Universe (NASDAQ: CLCT) company. A unique guarantee of up to $10,000 per stamp is now offered by PSE to assure clients that the stamps graded are the appropriate Scott catalogue numbers. This auction is expected to realize in excess of $700,000. Greg Manning, First Vice Chairman, CEO and President, stated, "Our fourth quarter is normally very busy, but this year is exceptional. In addition to the auctions outlined, our Nutmeg subsidiary is offering its 8,200 clients tens of thousands of auction lots this quarter. The new clients added from our Nutmeg, Harmer and John Bull acquisitions have proven to be a significant force in Ivy & Manning and GMA auction realizations." Manning concluded, "Sales in the fourth quarter thus far to Afinsa, our majority shareholder, under our ten-year sole source supplier agreement have also been exceptional. Additionally, our coin division started the quarter with a successful auction at Bowers & Merena on April 7 and 8, which realized $5.95 million and featured the first public auction offering of coins recovered from the S.S. Republic. Coin sales remain robust, and a major fiscal 2006 first quarter coin auction will be the Bowers & Merena rarities auction in San Francisco in July, which will feature Part IV of the exceedingly high quality Rod Sweet Collection. Based on the auction consignments already in house and arriving daily, we also look forward to an active fiscal 2006 first quarter, which begins on July 1, 2005." About Greg Manning Auctions, Inc. Greg Manning Auctions, Inc. is a global collectibles merchant and auction house network, with operations in North America, Europe and Asia and on the Internet. This network was created in September 2003 when GMAI and Auctentia, S.L. effectively integrated their auction businesses, creating a GMAI-AUCTENTIA global collectibles auction network. In North America, GMAI is a leading traditional and e-commerce - Internet, interactive telephone, and Internet and live simulcast - auctioneer and merchant/dealer of collectibles. Coins, stamps and sports cards are offered at www.gregmanning.com and www.teletrade.com. Its operations include the Greg Manning Auctions division, Ivy & Manning Philatelic Auctions, H.R. Harmer of New York, Greg Manning Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales, Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin Auctions. In Europe, the leading auction houses affiliated with the network are Auctentia Subastas of Madrid, Spain (operating under the name "Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65% owned by GMAI); and the Koehler group of auction companies of Berlin (66.67% owned by GMAI) and Wiesbaden, Germany. GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid, Spain, which is engaged in the sale, marketing and production of owned and third-party collectibles, with an emphasis on specialized philatelic material. Both GMAI and CdC currently act as exclusive supplier of collectibles - primarily stamps and coins - on a worldwide basis to Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world leaders in marketing tangible investment products, and GMAI's majority shareholder. Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the "forward-looking information" or "risk factors" sections included in GMAI's filings with the Securities and Exchange Commission, including GMAI's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, prospectuses and other documents that GMAI has filed with the Commission. In particular, any statement related to GMAI's expected revenues or earnings or GMAI's being well positioned for future profitability and growth are forward-looking statements. The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. GMAI undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.