GMAI Greg Manning Auctions (MM)

Greg Manning Auctions Inc. (Nasdaq: GMAI) announced today the successful results of its June 24, 2005 auction of the Richard Baron Cohen collection conducted by H.R. Harmer of New York, a GMAI wholly owned subsidiary. The first major auction sale containing only numerically third-party graded stamps realized a total of $1,035,000 (all prices include the 15% buyer's premium), well over the presale estimate of $700,000, with 96% of the lots sold by value. The auction sale was comprised of the United States stamp collection formed by Richard Baron Cohen of exceptionally high quality issues. Recently, Professional Stamp Experts (PSE), a subsidiary of Collectors Universe (Nasdaq: CLCT), began issuing numerically graded on a scale of 1 to 100 certificates of authenticity for United States stamps. Numerical third party grading in coins has been a staple since its introduction in 1986 by another Collectors Universe subsidiary, Professional Coin Grading Service. Third party grading and a cash guarantee of up to $10,000 that the Scott catalogue number attribution by PSE is correct for every PSE graded United States stamp, had a significant impact on the strong realizations of the single owner Cohen collection auction. Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "In my nearly 40 years of conducting philatelic auctions, I have never witnessed such a wide discrepancy between price realizations to the Scott catalogue valuations as in this auction. Realizations of 5, 10, 20 and even 30 times catalogue were commonplace as bidders contested virtually every lot. The new PSE grading and cash guarantee attracted a plethora of new aggressive buyers, led by both astute coin collectors and dealers who have long recognized the value of the highest quality numerically graded coins and, for the first time, numerically graded stamps. The exceptional quality of the Cohen collection drew telephone, fax, Internet, email, postal and floor bidders from across the United States to participate in this prestigious auction held in our Manhattan gallery. A number of records were set by the high realizations at this auction, including a $5 Columbian stamp that sold for $77,625." The Scott catalogue editors who price the respected guide for United States stamps will note that the Scott catalogue value of all of the stamps contained in the Cohen collection of $339,000 was eclipsed by more than 300% with the auction's realization of $1,035,000. Highlights of the auction included: -- 15 cent Lincoln issue of 1861, graded 75, Scott catalogue $3,500, sold for $29,900 -- 90 cent 1869 Pictorial issue, graded 90, Scott catalogue $4,750, sold for $37, 375 -- 50 cent 1893 Columbian issue, graded 95J, Scott catalogue $1,700, sold for $23,000 -- $5.00 1893 Columbian issue, graded 95, Scott catalogue $9,000, sold for $77,625 -- 15 cent 1895 Watermarked issue, graded 100, Scott catalogue $625, sold for $10,925 -- 2 cent 1904 Pan American issue, graded 95J, Scott catalogue $40, sold for $1,207 -- 10 cent 1894 Special Delivery issue, graded 95J, Scott catalogue $1,900, sold for $29,900 -- 5 cent 1891 Postage Due issue, graded 98J, Scott catalogue $100, sold for $3,450 Manning concluded, "I believe the advent of PSE's grading and guarantee will continue to have a positive impact on the market for United States stamps. It was apparent that both veteran stamp collectors and dealers, as well as buyers directly attracted by numerical grading, recognized the added confidence and liquidity created by PSE's grading imprimatur." 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, John Bull Auctions in Hong Kong, 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.