Greg Manning Auctions' January Worldwide Philatelic Sales Set Company Record of $7.2 Million; Hong Kong GMG Auction Sets Two World Records.

Business Editors

WEST CALDWELL, N.J.--(BUSINESS WIRE)--Feb. 4, 2004

Greg Manning Auctions, Inc. (NASDAQ:GMAI) announced today that January philatelic auctions held in Hong Kong, Wiesbaden, Germany and New York City totaled US$7.2 million, setting a new company record in aggregate philatelic auction sales for the month of January. In addition, the firm believes that two world records were set at the Greg Manning Galleries (GMG) PhilaChina Limited auction held on January 30-31 in Hong Kong. An extremely rare mint 96(cents) Bistre Queen Victoria stamp issued in 1865 by Hong Kong and acquired by Counsel General Theodore de Grosse in 1901 set a new world record for any Hong Kong postage stamp when it was gaveled down for HK$920,000, well over its pre-sale estimate of HK$300,000-400,000. Another world record was established at this auction for a Shanghai-issued stamp when a 4 Candareens Shanghai Large Dragon from 1865, cancelled on an envelope fragment, realized HK$805,000, easily surpassing its estimated value of HK$100,000-150,000.

The January 27-31 auction held by GMAI's subsidiary, Kohler Auctions of Wiesbaden and Berlin, realized US$3.5 million in aggregate sales against its pre-sale estimate of US$2.9 million. Aggregate sales of the firm's Ivy & Mader Philatelic Auctions subsidiary's January 23-25 sale totaled US$1,750,000, which eclipsed the pre-sale valuation of $1,500,000. The GMG PhilaChina auction set a new company record for an auction held in Hong Kong, with US$2,000,000 in aggregate sales, well over the pre-sale estimate of US$1,400,000.

Greg Manning, First Vice Chairman, CEO and President, stated, "It is particularly gratifying to have achieved the level of success we have attained in only 10 months of conducting auctions in Hong Kong in conjunction with PhilaChina Limited. Our Hong Kong gallery was the scene of non-stop pre-sale auction viewing, and we enjoyed a full room of active bidders throughout the auctions. A major international philatelic exhibition held in Hong Kong from January 30 through February 3 drew huge crowds and gave further proof of the strength of the philatelic market in Hong Kong."

Mr. Manning continued, "Historically, January has been a fairly quiet philatelic auction month, so the success achieved with auctions on three continents underscores the vibrant international market for rare stamps, and the strong global demand. We also now look forward to our major spring auctions that will be held in Europe, Hong Kong and the United States."

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.