GMAI Announces Executive Appointments for Operations.

WEST CALDWELL, N.J.--(BUSINESS WIRE)--Sept. 22, 1999--

Greg Manning Auctions, Inc. (NASDAQ: GMAI), one of the world's leading Internet full service auction houses, announced today the appointment of Melissa Goldberg as Senior Vice President of Operations and Les Boisclair, Senior Vice President of Catalog Production. Ms. Goldberg and Mr. Boisclair will assume the responsibilities of William J. Tully who recently reliquished his title as Chief Operating Office and his position as a director of GMAI. Mr. Tully will remain with the Company and will focus his attention on specific projects, including sourcing new product for the company's different sales venues.

Ms. Goldberg (30) has been with Teletrade, Inc., GMAI's Internet auction subsidiary, since 1991 and has managed all of Teletrade's day to day operations for the past six years. At Teletrade, she has been responsible for overseeing the start-up of both the sportscard and sports memorabilia auctions, as well as the diamond auctions. In addition, she has played an important role in the development of the simultaneous Internet and telephone bidding at Teletrade. Ms. Goldberg graduated with distinction from the University of Michigan in 1991.

Mr. Boisclair (54) will move to New Jersey from Maryland where he, along with Carl Fulmer, ran GMAI's Cee-Jay Auctions, Inc. and Greg Manning Galleries. Mr. Boisclair's background includes employment with three major collectibles auction houses, where he was involved in operations and management and held the positions of head describer and catalogue production chief.

Commenting on the appointments, Greg Manning, President and CEO, stated, "GMAI has experienced impressive growth in the past 12 months, which we anticipate will continue. Melissa and Les, who will assume operational responsibilities for the Company, are highly skilled and dedicated professionals. We welcome them into our senior management team. Melissa's vast experience at Teletrade in the e-commerce world will serve GMAI well as we move forward. Les is well known in the collectibles community, and his background includes responsibility for the daily operations of a major collectibles auction company prior to joining GMAI. We are extremely pleased to have such seasoned, traditional and Internet auction veterans join us at our corporate headquarters in New Jersey."

Mr. Manning continued, "Bill Tully has spent 25 productive years with GMAI, and we value his counsel. In his new role, he will have the ability to put his years of experience and wisdom to work for us where they are most needed."

About Greg Manning Auctions:

Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, as well as the nation's leading stamp auction house and one of the largest in the world. It is the first publicly owned auction company to hold real-time auctions simultaneously over the Internet and via telephone, while providing confidential transmission of bidder and seller information. Greg Manning Auctions, Inc. possesses more than 30 years of auction experience, as well as a full staff of experts in each of the product categories in which it operates. GMAI is also distinguished by its long established and well-entrenched relationships with suppliers of quality collectibles throughout the world, and by its aggressive global strategy. In early 1999, GMAI formed GMAI-ASIA.COM, which opened offices in Beijing, China and recently launched its web site www.gmai-asia.com. In July, 1999, GMAI created GMAI-EUROPE.COM in partnership with Afinsa Bienes Tangibles, S.A., one of the leading collectibles companies in Europe specializing in stamps, fine art and coins.

GMAI's websites are: www.gregmanning.com and www.teletrade.com. Its common stock is traded on the NASDAQ SmallCap system under the symbol GMAI, and on the Boston Stock Exchange under the symbol GGM.

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. Those factors include the parties' abilities to develop, implement, integrate, and launch the services and offerings described herein, and other factors discussed in the "forward-looking information" or "risk factors" sections included in the companies' prospectuses, quarterly reports on Form 10-Q, and annual reports on Form 10-K.

This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.