GMAI Greg Manning Auctions (MM)

Greg Manning Auctions Inc. (Nasdaq:GMAI) announced today that the June realizations of three important live event auctions held in London, New Jersey and Wiesbaden, Germany totaled $10.7 million in sales against total pre-sale estimates of $7.2 million. H.R. Harmer's Edward M. Gilbert Auction of Stamps of the British Empire, held in collaboration with Spink of London, England on June 15-16, achieved a 100% sell-through with all 1,402 lots sold for a total of $3.95 million versus a pre-sale estimate of $3 million (all realizations quoted include a Buyer's Premium). The auction was Part IV in a continuing series of Gilbert Collection sales, which are expected to realize more than $25 million in total. The London venue proved extremely successful, as H.R. Harmer, a Greg Manning subsidiary, and Spink clients competed for the many rare stamps contained in the vast British Empire collection formed by Mr. Gilbert. Highlights of the Gilbert Auction included: -- A Bermuda Perot postmaster provisional issue of 1849 selling for $244,000 against an estimate of $110,000-146,000; this is thought to be a new world record. -- A rare British Guiana "Cottonreel" stamp of 1850 and estimated at $9,000-11,000 sold after spirited bidding for $40,000. Another British Guiana cottonreel with a provenance from the Champion collection was hammered down for $57,000; well over its pre-sale estimate of $15,000-18,000. -- A rare 1000 Rupee stamp from Ceylon estimated at $15,000-18,000 brought $29,000. -- A popular inverted frame variety from Jamaica previously owned by the Ameer of Bahawalpur prior to Mr. Gilbert, sold for $42,000; easily eclipsing its $15,000-18,000 estimate. -- The 1867 issue of the "Missing Virgin" variety of the Virgin Islands climbed to $143,000 as multiple bidders competed for this, the finest known copy. GMAI's Koehler Auctions subsidiary of Wiesbaden, Germany held a mammoth 5-day worldwide auction from May 31 through June 4. The auction realized a total of $4 million against a pre-sale estimate of $2 million. The sell-through rate by value totaled 86%, and reflected the strong international demand at this Koehler auction. A modern German rarity, a 2001 unissued stamp honoring the late Audrey Hepburn, sold for more than triple its pre-sale estimate of $25,000 when it realized $83,000 at the Koehler auction. The Hepburn stamps had been withdrawn from sale when, at the last minute, an objection was received from one of Hepburn's sons. This cancelled stamp, and only one other known copy, were inadvertently sold by the German Post Office. On June 18 in New Jersey, Greg Manning Auctions held a sale of intact stamp collections and dealers' inventories that realized $2,750,000 for its 1,041 lots, significantly higher than the $2.2 million pre-sale valuation, and also achieved a respectable 87% sell-through by value. Collectors, dealers and investors from around the world visited the firm's West Caldwell, New Jersey gallery to compete for a diverse array of high quality collections. On June 24, H.R. Harmer of New York will sell the Richard Baron Cohen collection of superb individual United States stamps in post office fresh condition, from both the 19th and 20th centuries. This auction will be the first sale ever to be fully numerically graded and authenticated by Collectors Universe (Nasdaq:CICT) Professional Stamp Experts division. This auction will be held in the Harmer gallery in New York City, and is estimated to realize $700,000. Greg Manning, First Vice Chairman, CEO and President, stated, "Thus far, June has proved to be an exceedingly active month for all of us at GMAI. All auctions, including our three on-line weekly sales of up to 1,000 lots each at Teletrade and our multiple monthly Nutmeg stamp auctions, each containing thousands of lots, continue to perform very well against our in-house projections. We expect that the positive momentum achieved this fiscal year in sales, consignments and purchasing will continue in GMAI's fiscal year 2006, which begins on July 1, 2005." 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% 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, and GMAI's majority shareholder. 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. In particular, any statement related to GMAI's expected revenues or earnings or GMAI's being well positioned for future profitability and growth are forward-looking statements. The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. GMAI undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.