Greg Manning Auctions Upcoming $1 Million-plus Comic Book and Comic Art Auction to Feature Live, In-person, and Real Time Internet Bidding

Business Wire, April 25, 2000

Business Editors

WEST CALDWELL, N.J.--(BUSINESS WIRE)--April 25, 2000

Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today that its April 29, 2000 $1 million-plus auction of rare comic books and original comic book art will introduce to comic book collectors a technology that enables bidders from all over the world who are not physically present at the live floor auction to participate in the action. A real time video and audio Internet connection will be established using a cutting edge technology owned by Amazon.com, Inc. (Nasdaq: AMZN), LiveBid(TM), which will permit Internet and in-person collectors to bid on the extraordinary items offered in this special event auction.

The huge comic auction, to be held on Saturday, April 29th at 10:30 am EST at GMAI's auction gallery in West Caldwell, NJ, consists of hundreds of lots of comic books and original comic book art. Auction highlights include a large collection of Silver Age comic art known as the "Tony Christopher" collection featuring original pieces by artist Jack Kirby from The Fantastic Four, The Incredible Hulk, The Avengers, Captain America, Thor and The X-Men #1 (Sep '63). Other highlights are 300 special lots from the famous "Bethlehem Pedigree Collection" comprising some of the finest known examples of particular issues.

For nearly ten years, GMAI's Teletrade.com subsidiary has conducted auctions of certified coins, sports cards and certified diamonds over the Internet. During the past six months, all of GMAI's auctions have featured an Internet bidding component, and all of its auction catalogs have been available for viewing on the Internet. Previously, however, Internet bidders participating in GMAI's live floor auctions of collectibles, including Rock `n Roll and music memorabilia, Hollywood memorabilia and movie posters, sports trading cards and sports memorabilia, comics and comic art, coins, stamps, diamonds, and affordable fine art, were limited to advance bidding using an absentee bidding system called Max Bid.

Greg Manning, Chairman and CEO of Greg Manning Auctions, Inc., said, "The Internet has created the opportunity to exponentially grow our auction and retail gallery businesses by enabling collectors from around the world to buy the fine offerings available at www.gregmanning.com. We've already achieved great success in auctioning mid-priced items in pure electronic Internet auctions, and are now focusing on combining that Internet strength with our high-end items historically sold in live, in-person floor auctions. TV simulcast auctions that have occurred in the past were both costly and limited to a tiny fraction of the world's elite collecting market, but by harnessing the power of the Internet and new technologies, we can open all of our live floor auctions to the global collecting community. The result: more buyers, livelier bidding, and higher sale prices. The success of this strategy was made evident in our last comic auction. A collector in Japan, new to Greg Manning Auctions, saw our on-line catalog on our www.gregmanning.com website, placed an Internet Max Bid through our site, and won, for $14,000, one of the finest The Incredible Hulk #1's in the world. This Saturday's auction, which will utilize the LiveBid technology, should prove to be an even greater success since it will permit real-time bidding in addition to absentee Max Bid bidding."

Those interested can still join the auction by logging on to www.gregmanning.com. About Greg Manning Auctions, Inc.

Greg Manning Auctions, Inc. (Nasdaq NM: GMAI) is a global eCommerce company and Internet merchant. The Company is leveraging on a worldwide basis its core competencies in superior customer service and auctions in the Internet marketplace, including business-to-consumer, business-to-business, and consumer-to-consumer auctions. GMAI achieves competitive advantages through multiple eCommerce platforms operated on three continents (Asia, Europe and North America), proprietary technologies, and global product sourcing.

In Asia, the Company's affiliate GMAI-Asia.com, Inc. owns and operates what the Company believes to be China's leading eCommerce platform and cybermall. GMAI-Asia.com, Inc.'s website, www.iAtoZ.com, currently offers cybershoppers over 100,000 diverse offerings including automobiles, electronics, real estate and collectibles - everything from A to Z - provided by over 5,000 merchant partners including all of Beijing's major department stores. Pursuing a "clicks and mortar" strategy while the Internet infrastructure develops in China, GMAI-Asia.com is building over 650 Internet shopping and service centers through a joint venture with China Everbright Group (SEHK: 256). The centers, strategically located in heavily trafficked urban neighborhoods, include computer terminals available to the public for browsing the www.iAtoZ.com site and address the three major hurdles to eCommerce in China: access to the Internet, payment and delivery.

In Europe, the Company's affiliate GMAI-Europe.com, Inc. is headquartered in Madrid, Spain, and along with its joint venture partner, Afinsa Bienes Tangibles S.A., operates the just launched European auction portal www.gmai-europe.com.