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GREG MANNING AUCTIONS REPORTS RECORD $2.6 MILLION AUCTION

 MONTVILLE, N.J., July 8 /PRNewswire/ -- Greg Manning Auctions, Inc. (NASDAQ: GMAI), in its specialized auction of stamp collections, stocks and accumulations held in Parsippany, N.J., on June 26, realized $2,652,000, breaking the record for a New Jersey stamp auction. The previous record was set last Feb. 27 by Greg Manning Auctions, when auction proceeds amounted to $2,538,000. In addition, the June 26 total broke the firm's own record for its specialized series of large lot and collections auctions.
 Greg Manning, president and chief executive officer, stated, "The June auction's realization ran more than 30 percent above expectations. It confirmed the strength of the stamp market and our specialized auctions in particular. We were especially pleased with the results of this auction because of the unusually strong realization recorded in February. It was gratifying to see this upward trend continue without any weak areas whatsoever."
 The June 26 auction, which included a picnic and buffet dinner, brought together collectors and dealers from around the world. Participants came from Great Britain, Holland, Australia, Brazil, Canada, and many other countries. Bids through the mail were also received from around the world.
 The auction contained one of the finest sections of United States material ever sold by the firm. Numerous collections were sold intact, and a number of superior quality stocks were offered, including lots from the "Southern Cross" holdings. Individual country collections and stocks followed the U.S. sections, with representations from Albania, Belgium, Bermuda and the British Commonwealth among the featured offerings.
 Greg Manning Auctions' next collections, stock and accumulations auction, which will also include a picnic and buffet dinner, will be on Sept. 4, 1993, in Parsippany, N.J. The firm will sell a huge New York dealer's stock by order of the Southern District Court of New York. The New York dealer sale will contain this vast old time stock in its entirety, in addition to hundreds of other collections and stocks.
 Greg Manning Auctions, Inc. is one of the world's largest stamp auction houses. It also conducts auctions of other collectibles, including sports trading cards and sports memorabilia, bringing together buyers and sellers located throughout the world. The company completed its initial public stock offering in May 1993. Its securities trade on NASDAQ under the symbols GMAIU, GMAI, and GMAIW and on the Boston Stock Exchange under the symbols GGMU, GGM, and GGMW, for the company's units, common stock and warrants, respectively.
 -0- 7/8/93
 /CONTACT: Greg Manning, president and chief executive officer or William Tully, executive vice president, both of Greg Manning Auctions, 201-299-1800/
 (GMAI)


CO: Greg Manning Auctions, Inc. ST: New Jersey IN: SU:

LG-OS -- NY078 -- 9590 07/08/93 15:12 EDT
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Date:Jul 8, 1993
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