Greg Manning Auctions to Acquire Philatelic Auction House of H.R. Harmer; H.R. Harmer's May Auctions Set Company Record of Almost $10 Million

Business Wire, June 14, 2004

Business Editors

WEST CALDWELL, N.J.--(BUSINESS WIRE)--June 14, 2004

Auction House Was Seller of President Franklin D. Roosevelt Stamp

Collection

Greg Manning Auctions, Inc. (Nasdaq:GMAI) announced today that it has signed a letter agreement to acquire certain business assets of H.R. Harmer LLC, a top philatelic auction house, founded in 1918. H.R. Harmer is the twelfth company to be acquired by GMAI during the past ten months.

Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "The name H.R. Harmer is synonymous with the integrity and the respect built up over 86 years by a family-owned firm, whose traditions GMAI will be honored to uphold. We are also pleased to announce that Keith Harmer, the third generation leader, has agreed to continue to work with the firm as Chairman Emeritus, and to assist with client liaison to ensure that the same high degree of personal service continues without interruption."

Keith Harmer, Chairman and CEO of H.R. Harmer, stated, "When we decided to sell the assets of H.R. Harmer, LLC, it was easy to decide whom to call. GMAI has already brought together the finest philatelic houses in Europe, opened a successful Hong Kong gallery, and now, combined with its other U.S. auction companies, has established the most formidable array of quality auction houses under one company in philatelic history.

"In addition, we are pleased to join the GMAI family on a high note, as our sales of almost $10 million for the month of May topped any previous month in Harmer's illustrious history. In one auction, a single envelope carried by the Pony Express Service in 1861, sold for a record $603,750, and another auction containing the Consul Alfred Weinberger collection realized exceptional prices for dozens of rare items, which, combined, realized well over $1 million."

H.R. Harmer, LLC was founded in England in 1918 by Henry R. Harmer, who later received one of philately's highest honors as a signatory of the exclusive "Roll of Distinguished Philatelists." In 1940, under the direction of Bernard D. Harmer, son of the founder, H.R. Harmer opened its New York auction gallery and quickly ascended to the top ranks of philatelic auction houses in the U.S.

In 1946 the firm was selected to sell the late President Franklin Delano Roosevelt's stamp collection in what was to be the first of many important landmark auctions conducted by the New York branch of the auction house. The firm was chosen to sell the most valuable philatelic collection sold at any U.S. auction through a series of 25 sales beginning in 1968 and ending in May of 2004, with the completion of the dispersal of the famed Louise Boyd Dale and Alfred F. Lichtenstein collections for over $20 million.

Other "name" collections sold through H.R. Harmer include a number of the finest stamp collections ever formed, including the Alfred H. Caspary collection, Sir Henry Tucker's collections of Bermuda, the Maurice Burrus Hawaii collection, the Adolphe Menjou collections, the Princeton University Block of Four of the Inverted U.S. 24(cents) Airpost, and dozens of additional important collections.

GMAI has agreed to an all-cash purchase, which will be financed internally by the company. The closing, which is subject to the negotiation and execution of definitive agreements and other customary conditions, is expected to occur within 60 days.

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.