In addition, GMAI recently completed two other highly successful auctions -- the Corinphila auction held in Zurich, Switzerland, which realized a total of $1,800,000, and an auction held in Hong Kong through GMG-PhilaChina, which realized $1,200,000.
Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "November has been and continues to be an exceptional month for GMAI, with auctions on three continents, all of which have exhibited how strong the international marketplace is for fine stamps. All of these auctions' realizations rose significantly above pre-sale estimates with excellent sell-through rates, despite being of diverse composition and taking place thousands of miles apart. I believe that our second quarter results will reflect both the strength of the international stamp market, as well as the upward trend in the U.S. coin market."
Mr. Manning continued, "Few times in history has a holding such as the United Nations Philatelic Archive ever been offered to the public with the approval of the issuing body. This auction contained over 2,000 unique items, all of which represented a piece of the UN's philatelic history. Both collectors and dealers took advantage of this unique opportunity, and many lots realized multiples of the start prices. The list of buyers was international in scope, and verified that UN stamps are popular on a worldwide basis. We are also very gratified that, due to this most unusual offering, the auction catalogue has become the handbook for future UN collectors."
The United Nations Archives auction began with an artist's sketch of the "Peoples of the World" design for the first UN stamp. This sketch carried a start price of $250 and sold after spirited bidding to an overseas telephone buyer for $4,600. The proofs and imperforate issues throughout the auction sold at levels well above their pre-sale estimates. The entire auction sale and prices realized can be viewed at www.gregmanning.com.
The November 8, 2003 GMG-PhilaChina auction featured an exceedingly rare Japanese Sutherland Local stamp, one of 15 known, that sold for $32,000. This great rarity was recently discovered by a San Francisco collector who consigned the stamp to Greg Manning Galleries. The Hong Kong auction exceeded its pre-sale estimate by 30%, with 88% of the lots sold.
The November 8-9, 2003 Corinphila auction of the first portion of the famed Dr. Anton Jerger collection more than doubled its pre-sale estimate, realizing a total of $1,800,000 with 92% of the lots sold. Competitive bidding throughout the auction dramatized the demand for high quality stamps and postal history, especially material with the important provenance of the Jerger Collection.
GMAI's next auction will be conducted in Madrid by Afinsa Auctions, on November 27, 2003, in a sale featuring deluxe quality 19th and 20th Century stamps from Spain and former Spanish Colonies. On December 6, 2003 in New Jersey, GMAI will conduct a specialized auction of intact collections and dealers' inventories, with a pre-sale estimate in excess of $2 million.
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. (GMAI) is a global collectibles auctioneer and merchant, with both Internet and live auctions and operations in North America, Europe and Asia. In North America, GMAI is a leading traditional and electronic -- Internet, interactive telephone, and Internet and live simulcast -- auctioneer and merchant/dealer of collectibles. Coins, stamps, sports cards, and affordable fine art are offered at http://www.gregmanning.com and http://www.teletrade.com. GMAI recently acquired several leading European auction houses - Auctentia Subastas, S.L. of Madrid, Spain; Corinphila Auctionen AG Auctions of Zurich, Switzerland; and the Kohler group of auction companies of Berlin and Wiesbaden, Germany.
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.