Greg Manning Auctions and Afinsa Bienes Tangibles Look to Enter China Market; Focus of Long-Term Business Strategy Expands to Encompass Asia.

Business Editors

WEST CALDWELL, N.J. & MADRID, Spain--(BUSINESS WIRE)--April 16, 2004

Greg Manning Auctions, Inc. (NASDAQ: GMAI) and Afinsa Bienes Tangibles, S.A. of Madrid, Spain, the majority shareholder of GMAI, today announced that they are jointly exploring the opportunities presented in the People's Republic of China (PRC), both regarding the acquisition of stamps that are valid for use in investment programs and, looking to the future, for the marketing of portfolios tailored to the characteristics of this immense Asian market.

Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "GMAI has had considerable experience in the PRC and, most recently, also in Hong Kong. We conducted the PRC's first on-line auctions of stamps in 1999 in concert with a major stamp exhibition, which drew over 500,000 stamp enthusiasts to Beijing. It is clear that the stamp market in China is both collector- and investor-oriented, as the Chinese have used stamps as an investment vehicle in the past.

"We believe this philatelic awareness offers a unique opportunity for our proposed joint venture, whether for the acquisition of fine stamps or for the possible marketing of investment plans similar to those sold so successfully by Afinsa Bienes Tangibles in Spain and Portugal. The model GMAI recently used in Hong Kong - of identifying a local auction firm with considerable assets and experience with which to form a profitable joint venture - is similar to the model we will attempt to initiate in the PRC, with an important local firm having the ability to take to market investment systems based on collectible tangible assets."

Mr. Manning continued, "Today, China is ranked second in the world in terms of purchasing power parity and gross domestic product (GDP), according to nationmaster.com, and its 2003 GDP was estimated at $1.3 trillion by the People's Daily of November 23, 2003. We believe these numbers reflect a major market opportunity that warrants both seeking a PRC-based partner and exploring the legal and regulatory environment for this long-term undertaking."

Juan Antonio Cano, Chairman and CEO of Afinsa, which owns 72% of GMAI's stock, commented, "Afinsa's knowledge of the tangible investment field has enabled our company to grow to approximately one billion Euros in transactions in 2003, with our investment products being offered throughout Spain and Portugal. In our opinion, the Chinese market can in the near future become one of the world's largest for investments in collectible tangible assets.

"This early stage venture with GMAI is designed to unite our experience in building our model in Europe - which encompasses 2,400 sales representatives, 600 full-time employees, 120,000 clients and 200 offices - with GMAI's abilities to source the appropriate stamps and coins and deliver them on a timely basis. I believe that our strengths, combined with a major PRC company as a partner, can over the long-term create a business venture with great prospects for success. Our strategy will be to minimize risk by building slowly with tight controls and staying power through a strong local partner."

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 & Mader Philatelic Auctions, 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% owned by GMAI); and the Koehler group of auction companies of Berlin (66.67% 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.

About Afinsa Bienes Tangibles, S.A.

Founded in 1980, Afinsa Bienes Tangibles, S.A. is one of the world leaders in trading and investing in collectible tangible assets, mainly philatelic and numismatic markets. Headquartered in Spain, Afinsa operates worldwide and maintains a presence in China and other major countries in Europe and North America.

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.