GMAI To Commence Internet Retail Sales.

WEST CALDWELL, N.J.--(BUSINESS WIRE)--Nov. 11, l999--

Also Adds News and Content to Site

Greg Manning Auctions, Inc., (NASDAQ: GMAI) announced today that it will unveil four Internet retail galleries on its www.gregmanning.com and www.teletrade.com web sites on December 1, 1999, and commence selling collectibles via retail e-commerce in addition to Internet and traditional auctions.

The four new Internet galleries will offer sports cards and memorabilia, movie posters, diamonds and art at fixed prices. These galleries will be followed by four additional galleries offering Hollywood and Rock `n Roll memorabilia, comics, coins and stamps. Thereafter, plans call for adding galleries for leading dealers in a "collectibles mall" format.

In a related move, GMAI announced that it has completed agreements with Global Stamp News, Coin Connoisseur Magazine, and Certified Collectibles Group to provide articles of interest to collectors. The Global Stamp News content is already on the web site.

Articles of interest to coin, sports card and memorabilia, and comic book collectors from Coin Connoisseur Magazine and Certified Collectibles Group should be up by December 1, 1999.

Greg Manning, Chairman and CEO, stated: "During the past 12 months we have transformed our business from a bricks and mortar auction house into an Internet auction company with global operations, and now an Internet collectibles company. By adding a retail component to our business model, we leverage our existing infrastructure and customer base, which we believe will increase sales and profits with very limited additional overhead expenditure."

Jim Reiman, ExecutiveVice President - E-Commerce Strategic Business Development, commented, "Our goal is to establish the www.gregmanning.com web site as a destination site for collectors. That means offering the richest selection of products, but also meeting the needs and wants of collectors - news about their hobby, information to help them enhance their collections, and forums to share knowledge, information, and just have fun." He continued: "We're sourcing the top content providers in the industry, and are proud to announce today that we've completed arrangements with three of the best: Global Stamp News, Coin Connoisseur Magazine, and Certified Collectibles Group. Each of these content partners will provide us with fresh articles each and every month that both new collectors and life long collectors will enjoy."

Mr. Manning concluded, "The extraordinary thing about the Internet and the business model that we've built is that once a solid foundation is laid, growth and expansion can occur at a very rapid rate if demand dictates. Our model has been crafted to leverage our existing infrastructure of people and technology and focus on high margin, high volume product lines. We're very excited about the addition of retail to our distribution scheme."

About Greg Manning Auctions:

Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, and believes itself to be 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, Inc., which opened offices in Beijing, China and recently launched its web site www.a2z-mart.com. In July, 1999, GMAI created GMAI-Europe.com, Inc. 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 National Market System under the symbol GMAI.

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.