March 23, 2004--Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today that the Greg Manning Auctions sale of intact stamp collections and dealers' inventories held in the firm's New Jersey galleries on March 20, 2004, realized $3.5 million, including the 15% Buyer's Premium, or 40% over its pre-sale estimate of $2.5 million. The auction contained 1,051 lots and achieved a 90% sell-through rate. The average lot realization was close to $3,700.

Greg Manning, First Vice Chairman, CEO and President, stated, "Our March 20th auction contained quite a number of superior intact stamp collections and a major dealer's substantial inventory of worldwide stamps. While we were confident that the quantity and quality of the sale would produce good results, the actual realization of $3.5 million was well beyond even the most optimistic in-house projection.

"This auction attracted clients from around the world, and a substantial number of overseas buyers were in attendance from England, The Netherlands, Germany, Spain and Scandinavia, as well as clients from Canada, Mexico and throughout the United States. In addition, absentee bidders submitted well over $3 million in bids prior to auction day.

"The demand for stamp collections is as strong as I have witnessed in 45 years in the business, and is backed by solid fundamental demand from the large worldwide market, which has been buoyed by an influx of eBay enthusiasts over the past five years that has greatly expanded the base of buyers. This, in turn, creates a broad demand across continents for stamps from virtually every country. I believe that the growth of this market is based on a combination of steady collector, dealer and investor demand, and is an extremely healthy situation with excellent long-term prospects."

The GMA auction results from March 20 included a number of highlights. The auction's first lot, "A Very Complete United States Collection, 1847-1982," was estimated to realize $75,000-$100,000 and was hammered down for $80,500 (all realizations include the 15% Buyer's Premium). Another U.S. lot described as "A Valuable U.S. Collection, 1847-1964," sold for $29,900, well above its pre-sale valuation of $15,000-$20,000. A U.S. collection of European origin also went well over its estimate of $5,000-$7,500 and realized $12,075 when the lot was knocked down to a persistent floor bidder.

The auction's most important collection, a gold medal quality collection of Mexico accompanied by 535 certificates of authenticity for an array of rare stamps, opened at $115,000. Four floor bidders competed until the superb collection was sold for $184,000 to a prominent specialist dealer based in London, England. The Mexico collection sold well within its estimated range of $150,000-$200,000. A magnificent 10-volume collection of Australian States was also the subject of much bidder interest. Its pre-sale estimate of $9,000-$11,000 was eclipsed by its mail bid opening of $11,500, and it finally sold to a buyer from the United Kingdom for $26,450. A dealer's stock of Egypt proved popular when it sold for $4,312, again easily surpassing the estimate of $1,000-$1,500. A valuable "German States Collection, 1850-1911" also proved its worth, selling for $13,225 to a telephone bidder against the estimate of $6,000-$8,000.

Kohler Auctions of Berlin, Germany, a wholly owned subsidiary of GMAI, held a 5,500 lot sale of worldwide single stamps and collections in Berlin on March 11-13. This auction realized a total of $1,500,000, including the Buyers Premium. Dieter Michelson, Kohler's Managing Director, stated, "The March auction was extremely well attended and produced excellent results. We anticipate that our major auction in May, to be held in Wiesbaden, will also be successful, based on the upward trend that we have been experiencing in the worldwide stamp marketplace."