Greg Manning Auctions Acquires Fournier Archives; Company Strengthens Philatelic Inventory to Be Sold Worldwide.

WEST CALDWELL, N.J. -- Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today it has acquired the Fournier Archives, which contain an inventory of previously unavailable philatelic material printed between 1966-1991 from a total of 40 countries worldwide, for approximately $6 million.

The true collector value of the Fournier Archives, deaccessioned by the Fournier Printing Company, was not fully recognized until the highly publicized auction of the United Nations (U.N.) Archive, which realized sales of more than $3 million in May 2003 at Geneva, Switzerland.

Compared to the U.N. Philatelic Archive, the Fournier Archive is significantly greater in size and scope. The Fournier inventory has a shipping weight in excess of 9,000 pounds versus 1,600 pounds for the U.N. Philatelic Archive. The philatelic material between the two archives is similar in nature, as both contain progressive proofs, die proofs, trial color proofs, imperforates, new designs, incomplete prints, deluxe proofs, and many previously unknown varieties.

The Company acquired the Fournier Archives from Champion Stamp Company, Inc. of New York, which was also the buyer of the U.N. Philatelic Archive at the same pubic auction in Geneva, and later resold it to Greg Manning Auctions in June 2003. Greg Manning Auctions conducted an initial 2,827-lot auction of previously unavailable items from the prestigious U.N. Philatelic Archive in November 2003 that realized approximately $1.25 million in sales with a 100-percent sell-through rate.

Greg Manning, First Vice Chairman, CEO and President of GMAI, said, "Our acquisition of the Fournier Archives, combined with our acquisition of U.N. Philatelic Archive in 2003, presents an extremely exciting and rare opportunity within our industry. Only a handful of archives have reached the philatelic market in the past 100 years, and we are fortunate enough to have acquired two of them.

"Our plan is to market the Fournier Archives through our various auction subsidiaries located worldwide and through private sales. We estimate that in order to properly market this inventory, it will be sold over a period of years. It is important to note the philatelic difference between this archived material and traditionally issued stamps is that most proofs or imperforates in Fournier are in quantities of less than 200 items, and a regularly issued stamp would have a printing in the hundreds of thousands, or even millions. Collectors wishing to upgrade their collections will have the opportunity to purchase proofs, imperforates and varieties in an effort to obtain gold medals at exhibitions, or simply to own a rare item. This valuable inventory, including thousands of scarce items never before offered, will strengthen our future sales as well as profits."

Arthur Morowitz, President of Champion Stamp and Secretary of the American Stamp Dealers Association, stated: "The countries in the Fournier Archives, include New Zealand, Singapore, Morocco, Venezuela, Tunisia, Kuwait, Honduras, Cook Islands, Samoa, Madagascar and others, present a diverse and highly desirable mix that is popular with collectors around the world. Independent philatelic experts were impressed by the size and quality of the archive, which can only be rivaled, in my opinion, by the American Banknote Archive that realized sales of approximately $17 million at Christie's auction house in 1989-1990.

"By now, especially after the successful U.N. auction, the philatelic world is well versed in the value of archived material. Despite negotiations to retain inventory from several countries of special interest to me for a seven-figure amount, Greg Manning Auctions sought to acquire the entire archive for its global operations," Morowitz concluded.

About Greg Manning Auctions, Inc.

Greg Manning Auctions, Inc. is a global collectibles merchant and auction house network, with operations in North America, Europe and Asia and on the Internet. This network was created in September 2003 when GMAI and Auctentia, S.L. effectively integrated their auction businesses, creating a GMAI-AUCTENTIA global collectibles auction network.

In North America, GMAI is a leading traditional and e-commerce--Internet, interactive telephone, and Internet and live simulcast--auctioneer and merchant/dealer of collectibles. Coins, stamps and sports cards are offered at www.gregmanning.com and www.teletrade.com. Its operations include the Greg Manning Auctions division, Ivy & Manning Philatelic Auctions, H.R. Harmer of New York, Greg Manning Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales, Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin Auctions.

In Europe, the leading auction houses affiliated with the network are Auctentia Subastas of Madrid, Spain (operating under the name "Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65 percent owned by GMAI); and the Koehler group of auction companies of Berlin (66.67 percent owned by GMAI) and Wiesbaden, Germany.

GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid, Spain, which is engaged in the sale, marketing and production of owned and third-party collectibles, with an emphasis on specialized philatelic material.

Both GMAI and CdC currently act as exclusive supplier of collectibles--primarily stamps and coins--on a worldwide basis to Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world leaders in marketing tangible investment products, and GMAI's majority shareholder.

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