Bowers & Merena Coin Auction Realizes $6.3 Million - 57% Over Presale Estimate; First Auction Conducted by Bowers & Merena as Part of Greg Manning Auctions Group.

Business Editors

WEST CALDWELL, N.J.--(BUSINESS WIRE)--March 17, 2004

Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today that the firm's most recent acquisition, Bowers & Merena Gallery, conducted a coin auction on March 11-13, 2004 at the Baltimore Coin and Currency Show, which realized a total of $6,271,000, including the 15% Buyers Premium, or 57% above the pre-sale estimate of $4 Million.

Greg Roberts, CEO of Spectrum Numismatics International and head of all GMAI rare coin operations, stated, "Our initial auction of high-quality, rare United States coins under the esteemed Bowers & Merena auction banner was a resounding success, with 11 coins realizing over $70,000 each. A choice 1880 Coiled Hair Stella $4 Gold Piece in proof 61 condition achieved the highest realization at $379,500, followed by another 1880 Stella of the Flowing Hair variety in proof 65 that sold for $310,500. Prices were strong throughout the three-day auction and attendance was excellent, with heated competition for many of the desirable lots in this auction."

Mr. Roberts continued, "Steve Deeds, president of Bowers & Merena Auctions, is currently taking consignments for what we fully expect to be another important sale, to be held in Milwaukee, Wisconsin on May 4. We are particularly pleased with the results of the March 11-13 auction, which came less than one month after the asset purchase of the company. Steve Deeds and the staff of Bowers & Merena are to be commended for continuing the company's tradition of coin auction leadership and customer service as part of the Spectrum group."

Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "In addition to the successful launch of our high-end coin auctions at Bowers & Merena, GMAI will offer over 17,000 stamp lots in March through our newly acquired Nutmeg Stamp Sales division. Our first of three auctions at Nutmeg this March, a specialized auction of British Commonwealth issues, grossed almost $400,000 and exceeded the pre-sale estimate by 41%. Nutmeg is planning to conduct over 35 stamp auctions per year, or approximately three per month. Nutmeg offers a range of United States and worldwide stamps that fit the budget of both the novice and advanced collectors. GMAI has a number of important auctions scheduled for late March, and anticipates a record quarter."

About Greg Manning Auctions, Inc.

Greg Manning Auctions, Inc. (GMAI) is a global collectibles merchant and auction house network, with operations in North America, Europe, Asia, and on the Internet. This network was made possible in September 2003 when GMAI and AUCTENTIA effectively integrated their auction businesses, creating a GMAI-AUCTENTIA global collectibles auction network. In North America, GMAI is a leading traditional and electronic - Internet, interactive telephone, and Internet and live simulcast - auctioneer and merchant/dealer of collectibles. Coins, stamps, sports cards, and affordable fine art are offered at http://www.gregmanning.com and http://www.teletrade.com. In Europe, the companies affiliated with the network, formerly owned by AUCTENTIA or in which AUCTENTIA held a participation, are several of the leading auction houses: Auctentia Subastas, S.L. of Madrid, Spain; Corinphila Auktionen AG (65%) of Zurich, Switzerland; and the Kohler group of auction companies of Berlin and Wiesbaden, Germany.

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.