SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
   OF 1934

For the quarterly period ended September 30, 1996

                                   OR

[  ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

For the transition period ________ to ________


                         COMMISSION FILE NUMBER 1-11988


                           GREG MANNING AUCTIONS, INC.
        (Exact name of Small Business Issuer as specified in its Charter)


       NEW YORK                                          22-2365834
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                   Identification No.)


       775 PASSAIC AVENUE
       WEST CALDWELL, NEW JERSEY                           07006
(Address of principal executive offices)               (Zip Code)


Issuer's telephone number, including area code:  (201) 882-0004

Check  whether  the Issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Securities  Exchange Act of 1934 during the preceding
12 months (or for such shorter  period that the  Registrant was required to file
such reports),  and (2) has been subject to filing  requirements for the past 90
days.
YES       X        NO   _____

As of  October  8,  1996,  Issuer  had  4,419,997  shares  of its  Common  Stock
outstanding.

Transitional Small Business Disclosure Format (check one):  YES ______  NO X .





                           GREG MANNING AUCTIONS, INC.

                         PART I - FINANCIAL INFORMATION


Item 1. Financial Statements (Unaudited)

                  Table of Contents                                          
         Consolidated Balance Sheet - September 30, 1996 (Unaudited)         

         Consolidated Statements of Operations and Retained Earnings -       
         Three months ended September 30, 1996 and 1995 (Unaudited)


         Consolidated Statements of Cash Flows -                       
         Three months ended September 30, 1996 and 1995 (Unaudited)

         Notes to Consolidated Financial Statements                    
         as of September 30, 1996

Item 2.  Management's Discussion and Analysis                          


<PAGE>



                                 GREG MANNING AUCTIONS, INC.
                                  CONSOLIDATED BALANCE SHEET
                                      SEPTEMBER 30, 1996

<TABLE>
<CAPTION>
                                      ASSETS
Current assets:
<S>                                                <C>            
Cash and cash equivalents                                $       278,742
Accounts receivable
     Auctions receivable                                       7,128,353
     Advances to consignors                                    2,507,782
Notes receivable - current portion                               578,997
Inventory                                                      4,383,382
Deferred tax asset                                               106,000
Prepaid expenses and deposits                                    238,204
                                                        ----------------
     Total current assets                                     15,221,460
Property and equipment, net                                      765,453
Goodwill                                                       1,781,885
Marketable securities                                            215,200
Notes receivable - long-term portion                             733,928
Other assets                                                     732,275
                                                        ================
     Total assets                                        $    19,450,201
                                                        ================
</TABLE>

<TABLE>
<CAPTION>
                       LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
<S>                                                <C>            
Demand notes payable                                     $     5,925,000
Notes payable - current portion                                  517,412
Payable to third party consignors                              3,648,119
Accounts payable                                                 892,944
Accrued expenses                                                 191,045
Income taxes payable                                             351,506
                                                        ----------------
     Current liabilities                                      11,526,026
Notes payable - long-term portion                                863,416
Deferred income taxes                                              3,121
                                                        ----------------
     Total liabilities                                        12,392,563
                                                        ----------------

Commitments and Contingencies                                          -

Preferred stock, $.01 par value. Authorized
     10,000,000 shares; none issued
Common stock, $.01 par value.  Authorized
     20,000,000 shares; 4,419,997 issued and outstanding          44,200
Additional paid in capital                                     6,798,401
Unrealized loss on marketable securities                        (13,400)
Retained earnings                                                228,437
                                                        ----------------
     Total stockholders' equity                                7,057,638
                                                        ----------------
     Total liabilities and stockholders' equity         $     19,450,201
                                                        ================
</TABLE>


                        See accompanying notes to financial statements


<PAGE>



                                    GREG MANNING AUCTIONS, INC.
                               CONSOLIDATED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED
                                                           SEPTEMBER 30,
                                               ----------------------------------
                                                      1995              1996
                                               ----------------  ----------------

Operating revenues
<S>                                     <C>                <C>            
     Sales of merchandise                      $     1,111,370    $     1,257,349
     Commissions from third parties                    681,045            653,458
     Commissions from affiliate - CRM                    1,065                680
                                               ----------------  ----------------
                                                     1,793,480          1,911,487
                                               ----------------  ----------------
Operating expenses
     Cost of merchandise sold                          840,563            833,287
     General and administrative                      1,135,201            906,116
     Marketing                                         102,453            142,934
                                               ----------------  ----------------
                                                     2,078,217          1,882,337
                                               ----------------  ----------------
        Operating profit (loss)                       (284,737)            29,150
Other income (expense)
     Interest and other income                          94,510            179,036
     Interest expense                                 (131,127)          (186,419)
                                                ----------------  ----------------
        Income (loss) before income taxes             (321,354)            21,767

Provision (benefit) for income taxes                  (127,588)            17,598
                                               ----------------  ----------------
     Net income (loss)                                (193,766)             4,169
Retained earnings, beginning of period                (312,115)           224,268
                                               ----------------  ----------------
Retained earnings, end of period                      (505,881)           228,437
                                               ================  ================
Weighted average number of shares outstanding
     and common share equivalents                    3,915,336          4,771,200
                                               ----------------  ----------------
Earnings (loss) per common and common
equivalent share                               $         (0.05)  $           0.00
                                               ================  ================
</TABLE>


                           See accompanying notes to financial statements







<PAGE>



                                      GREG MANNING AUCTIONS, INC.
                                 CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>                 
<CAPTION>

                                                            THREE MONTHS ENDED
                                                                       SEPTEMBER 30,
                                                            -------------------------------
                                                                  1995            1996
                                                            ---------------  --------------
Cash flows from operating activities:
<S>                                          <C>              <C>           
     Net income (loss)                                      $     (193,766)  $        4,169
     Adjustments  to reconcile  net income  (loss) to net
     cash provided by (used in) operating activities:
        Depreciation and amortization                               85,312           85,267
        Provision for bad debts                                   (105,000)               -
        Deferred tax asset                                         250,392                -
        Changes in assets (increase) decrease:
            Auctions receivable                                  3,358,517        1,465,061
            Advances to consignors                                (475,861)        (413,297)
            Other receivables                                       (3,791)               -
            Notes receivable                                             -          121,097
            Inventory                                           (1,242,366)        (887,156)
            Due from affiliate - CRM                               (12,927)          56,186
            Income taxes receivable                               (377,980)          34,345
            Prepaid expenses                                        47,392           71,629
            Other assets                                            32,304                -
        Changes in liabilities (decrease) increase
            Payable to third-party consignors                   (1,965,972)        (654,671)
            Accounts payable                                       162,123          128,317
            Customer deposits                                      (79,720)               -
            Accrued expenses and other liabilities                 103,424          (97,866)
            Income taxes payable                                         -           17,598
                                                             ---------------  --------------
                                                                  (417,919)         (69,321)
                                                             ---------------  --------------
Cash flows from investing activities:
     Capital expenditures for property and
     equipment                                                     (45,951)         (26,037)
     Additional goodwill                                           (11,162)         (14,629)
     Purchase of PICK Communications Corp. stock                  (250,000)               -
                                                             ---------------  --------------
                                                                  (307,113)         (40,666)
                                                             ---------------  --------------
Cash flows from financing activities:
     Repayment of notes payable                                    (39,000)        (115,000)
     Repayment of loans payable                                   (336,678)         (32,197)
     Net proceeds from issuance of stock                           711,654          (22,580)
                                                             ---------------  --------------
                                                                   335,976         (169,777)
                                                             ---------------  --------------
Net decrease in cash and cash equivalents                         (389,056)        (279,764)
Cash and cash equivalents at beginning of period                   956,801          558,506
                                                             ===============  ==============
Cash and cash equivalents at end of period                   $      567,745          278,742
                                                             ===============  ==============

</TABLE>

                            See accompanying notes to financial statements


<PAGE>



                           GREG MANNING AUCTIONS, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996
                                   (UNAUDITED)

(1)  Organization, Business and Basis of Presentation

         Greg  Manning   Auctions,   Inc.,   together   with  its  wholly  owned
subsidiaries Ivy & Mader Philatelic  Auctions,  Inc. and Greg Manning Galleries,
Inc.  (collectively,  the  Company),  is a  public  auctioneer  of  collectibles
including rare stamps, stamp collections and stocks, and regularly conducts rare
stamp auctions bringing together  purchasers and sellers located  throughout the
world.  The Company  accepts  property  for sale at auctions  from  sellers on a
consignment  basis,  and earns a commission  on the sale. In addition to stamps,
the other collectibles auctioned by the Company include trading cards and sports
memorabilia  and other  collectibles  such as  antiquities  and rare coins.  The
Company also sells  collectibles  by private treaty for a commission,  and sells
its own inventory at auction, wholesale and retail.

         The  accompanying  consolidated  balance sheet as of September 30, 1996
and related consolidated  statements of operations and retained earnings for the
three months ended  September 30, 1996 and 1995 and  consolidated  statements of
Cash Flows for the three month  periods then ended,  have been prepared from the
books and records  maintained  by the  Company,  in  accordance  with  generally
accepted  accounting  principles for interim financial  information and with the
instructions to Form 10-QSB and Item 310(b) of Regulation SB. Accordingly,  they
do not include all information and  disclosures  required by generally  accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management, all adjustments,  which are of a normal recurring nature, considered
necessary for a fair presentation have been included.  For further  information,
refer to the consolidated  financial  statements and disclosures  thereto in the
Company's Form 10-KSB for the year ended June 30, 1996 filed with the Securities
and Exchange Commission.

(2) Summary of Certain Significant Accounting Policies

Revenue Recognition

         Revenue  is  recognized  by  the  Company  when  the  rare  stamps  and
collectibles are sold and is represented by a commission received from the buyer
and seller.  Auction  commissions  represent a percentage of the hammer price at
auction sales as paid by the buyer and the seller.

         In  addition  to auction  sales.  the  Company  also sells via  private
treaty.  This occurs when an owner of property arranges with the Company to sell
such  property  to a third  party at a  privately  negotiated  price.  In such a
transaction,  the owner may set selling price parameters for the Company, or the
Company may solicit selling prices for the owner,  and the owner may reserve the
right to reject any selling price. In certain  transactions,  the Company may be
requested  to  guarantee  a fixed  price to the  owner,  which  would be payable
regardless of the actual sales price ultimately received. The Company recognizes
as private treaty revenue an amount equal to a percentage of the sales price, or
in the case of a guaranteed fixed price, the difference between the actual sales
price and the guaranteed fixed price when the properties are sold.


<PAGE>

                           GREG MANNING AUCTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, SEPTEMBER 30, 1996 (UNAUDITED) -
CONTINUED


         The Company  also sells its own  inventory  at auction,  wholesale  and
retail. Revenue with respect to inventory at auction is recognized when sold and
for wholesale or retail sales,  revenue is recognized when delivered or released
to the customer or to a common carrier for delivery.

         The  Company  does  not  provide  any  guarantee  with  respect  to the
authenticity  of  property  offered  for  sale at  auction.  Each lot is sold as
genuine and as described by the Company in the catalog.  However,  when,  in the
opinion of a  competent  authority  mutually  acceptable  to the Company and the
purchaser,  a lot is declared otherwise,  the purchase price will be refunded in
full if the lot is returned to the Company  within a specified  period.  In such
event,  the Company  will return such lot to the  consignor  before a settlement
payment has been made to such consignor for such lot. To date,  returns have not
been material. Large collections are generally sold on an "as is" basis.

Principles of Consolidation

         The  consolidated  financial  statements  of the  Company  include  the
accounts  of its  wholly  owned  subsidiaries.  All  intercompany  accounts  and
transactions have been eliminated in consolidation.

Business Segment

<TABLE>
<CAPTION>
         The company  operates in one segment,  the auctioning or private treaty
sale of rare  stamps  and  other  collectibles.  Set  forth  below is a table of
aggregate sales of the Company, subdivided by source and market:
                                          For the three months ended
                                                 September 30                   Percentages
                                      -----------------------------------   ---------------------
<S>                                         <C>               <C>              <C>       <C>   
                                            1995              1996             1995      1996  
                                      -----------------------------------   ---------------------
       Aggregate Sales                $  5,201,509       $  5,304,628          100%      100%
                                      ===================================   =====================
         By source:
            A. Auction                $  4,090,139      $   4,047,279           79%       76%
            B. Sales of inventory        1,111,370          1,257,349           21%       24% 
                                      -----------------------------------   ---------------------
         By market:
            A. Philatelics            $  4,583,934      $   5,005,971           88%       95%
            B. Sports collectibles         221,282            280,861            4%        5%
            C. Other collectibles          396,293             17,796            8%        0%
                                      -----------------------------------   ---------------------
</TABLE>

Goodwill

         Goodwill  primarily  includes the excess  purchase  price paid over the
fair  value  of the net  assets  acquired.  Goodwill  is  being  amortized  on a
straight-line  basis  over  twenty  to  twenty  five  years.  Total  accumulated
amortization at September 30, 1996 was $187,502.  The recoverability of goodwill
is  evaluated  at each year end  balance  sheet date as events or  circumstances
indicate a possible inability to recover their carrying amount.  This evaluation
is based on historical and projected  results of operations and gross cash flows
for the underlying businesses.


<PAGE>

                           GREG MANNING AUCTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, SEPTEMBER 30, 1996 (UNAUDITED) -
CONTINUED


Investments

         The  Company  accounts  for  marketable   securities  pursuant  to  the
Statement of Financial  Accounting  Standards  No. 115,  Accounting  for Certain
Investments in Debt and Equity Securities.  Under this statement,  the Company's
marketable   securities  with  a  readily  determinable  fair  value  have  been
classified  as  available  for  sale  and  are  carried  at fair  value  with an
offsetting  adjustment to Stockholders'  Equity. Net unrealized gains and losses
on  marketable  securities  are  credited or charged to a separate  component of
Stockholders' Equity.

Earnings (loss) per common and common equivalent share

         Earnings (loss) per common and common equivalent share of the Company's
Common Stock ("Common  Stock") is computed using the weighted  average number of
common and common  equivalent  shares  outstanding for each period.  Primary and
fully  diluted  earnings  per  share  are the same for the  three  months  ended
September 30, 1996.  Outstanding stock options and warrants for the three months
ended   September  30,  1995  were  excluded  from  earnings  per  common  share
computations because they are antidilutive.

<TABLE>
<CAPTION>
(3) Inventories

         Inventories as of September 30, 1996 consisted of the following:

<S>                                                        <C>           
             Stamps                                        $    2,585,272
             Sports Cards and Sports Memorabilia                  625,709
             Antiquities                                        1,172,401
                                                           --------------
                                                           $    4,383,382
                                                           ==============
</TABLE>
                                                           
(4) Marketable Securities

         As of  September  30, 1996,  the Company owns 9.5% or 4,112,289  common
shares of PICK  Communications,  which is  primarily  engaged in the business of
issuing prepaid  telephone  cards.  These securities are classified as available
for sale having a cost of $237,599  and a fair value of  approximately  $215,200
resulting  in an  cumulative  unrealized  loss of  $22,400  which was  offset by
deferred tax asset of $9,000.  The fair value of the securities has been reduced
from $2,580,000 at June 30, 1996 as a result of a corresponding reduction in the
closing  price per share from  $3.00 at June 30,  1996 to $.25 at  November  11,
1996,  as  reported  on the  electronic  bulletin  board.  The  decrease  in net
valuation  for the three  months  ended  September  30, 1996 of  $1,418,400  was
charged to a separate component of Stockholders' Equity.

(5) Related-party Transactions

         The  Company  accepts  rare stamps and other  collectibles  for sale at
auction  on a  consignment  basis from  Collectibles  Realty  Management,  Inc.,
("CRM") which owned approximately 29%, as of

<PAGE>

                           GREG MANNING AUCTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, SEPTEMBER 30, 1996 (UNAUDITED) - 
CONTINUED



September 30, 1996, of the Company's common stock.  Such stamps and collectibles
have been auctioned by the Company or sold at private treaty under substantially
the same  terms as for third  party  customers  and the  Company  charges  CRM a
seller's  commission  for items valued at under $100,000 per lot. In the case of
auction, the hammer price of the sale, less any seller's commission,  is paid to
CRM upon successful  auction,  and in the case of private treaty,  the net price
after selling  commissions is paid to CRM. For the three months ended  September
30, 1996, such auction and private treaty sales were not material.

(6) Debt

         The Company is party to secured revolving credit and term loan facility
with Brown Brothers Harriman & Co. ("BBH&Co."). At September 30, 1996, borrowing
under the  revolving  credit  facility  and term  loan  totaled  $5,525,000  and
$293,750  respectively.  Absent a material adverse change or event of default as
determined by BBH&Co.,  BBH&Co. has agreed to provide the Company with a 120-day
notification  period  prior to  issuing a demand for  repayment,  so long as the
Company is in compliance with certain  financial and operating  guidelines.  The
Company  believes that at September  30, 1996,  it was in  compliance  with such
guidelines.



<TABLE>
<CAPTION>
(7)  Supplementary Cash Flow Information

       Following is a summary of supplementary cash flow information:

                                                              For the three months ended
                                                                     September 30,
                                                               1995               1996
                                                        -------------      -------------
<S>                                                   <C>                <C>     
       Interest paid                                         $131,127           $174,610
       Income taxes paid                                            -             15,576
       Noncash investing and financing activities:
        Acquisition of inventory under note payable                 -            700,000
        Note receivable in conjunction with sale of 
        division                                              210,000                  -
        Acquisition of fixed assets under capital leases       78,839
                                                                                                          -

</TABLE>








<PAGE>

                           GREG MANNING AUCTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, SEPTEMBER 30, 1996 (UNAUDITED) -
CONTINUED



(8)  Subsequent Event

         In September 1996, the Company entered into an agreement  setting forth
the principal terms of the acquisition of the Latham Companies, Inc., the parent
company of Larry Latham  Auctioneers,  Inc. In November  1996 it was  determined
that the parties  were unable to reach a final  agreement  for the  acquisition.
Accordingly, the proposed transaction will not be consummated.





<PAGE>


Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.

Results of Operations

GENERAL


         The Company's  revenues are  represented by the sum of (a) the proceeds
from the sale of the Company's  inventory,  and (b) the portion of sale proceeds
from  auction or private  treaty that the  Company is  entitled to retain  after
remitting  the  sellers'  share,  consisting  primarily of  commissions  paid by
sellers and buyers. Generally, the Company earns a commission from the seller of
10% to 15%  (although  the  commission  may be  slightly  lower  on  high  value
properties). During the three month period ended September 30, 1996, the Company
earned a  commission  of 15% from the  buyers in all  markets  except for sports
cards which is a 10% premium.

         The Company's  operating  expenses  consist of the cost of sales of the
Company's  inventory and such expenses directly incurred by the Company relating
to general and  administrative  expenses  and  marketing  expenses for the three
months ended September 30, 1996 and 1995.  General and  administrative  expenses
are  incurred to pay  employees  and to provide  support  and  services to those
employees,  including the physical  facilities  and data  processing.  Marketing
expenses  are  incurred  to promote  the  services of the Company to sellers and
buyers of collectibles  through advertising and public relations,  producing and
distributing its auction catalogs and conducting auctions.







<PAGE>


Three months ended September 30, 1996
Compared with the three months ended September 30, 1995


         The Company  recorded an  increase in revenues of $118,007  (7%),  from
$1,793,480  for the three months ended  September 30, 1995 to $1,911,487 for the
three months ended September 30, 1996. This increase was primarily  attributable
to the  increase  in  revenues  from the sale of the  Company's  inventories  of
$145,979  (13%) with a decrease in  commission  revenue of $27,972  (4%) for the
three month period ended September 30, 1996 compared to the prior year.

         Gross  margins on the sales of the  Company's  inventory  increased  by
approximately  $153,000  (57%) in the three  months  ended  September  30,  1996
compared to the three months ended  September 30, 1995. This increase in margins
was primarily due to the above  mentioned  increase in the sales of  merchandise
and the increase in the gross margin percent from 24% for the three months ended
September 30, 1995 to 34% for the three months ended September 30, 1996.

         The Company's  operating expenses totaled $1,049,050  exclusive of cost
of  merchandise  sold,  for the three  months  ended  September  30,  1996,  and
represented a decrease of $188,604  (15%) from the three months ended  September
30,  1995.  The decrease in General and  Administrative  costs by the Company is
primarily  due to the  cost  reductions  in the  Galleries  division.  This was
partially  offset by the  expansion of the sports  department.  The increases in
marketing  costs  was  due  to a  more  aggressive  marketing  campaign  in  the
philatelic areas.

         Interest  expense  increased  by  $55,292  in the  three  months  ended
September  30, 1996  compared to the three months ended  September 30, 1995 as a
result  of the  higher  average  daily  borrowings  for  the  comparable  period
($42,000) and higher  interest rate on the Company's  revolving  credit facility
($13,000).  The borrowings under the Company's secured revolving credit facility
are utilized to support the operations of the Company, including the advances to
consignors, auctions receivables and merchandise inventories.

         Net Income:  The Company recorded income before income taxes of $21,767
for the three months ended  September  30, 1996 compared to a loss before income
taxes of $321,354 for the three months ended September 30, 1995. This change was
primarily  due to an increase in  operating  profits of  approximately  $314,000
during the three months ended  September  30, 1996 compared to the prior year as
outlined above.





<PAGE>


Liquidity and Capital Resources

         At September  30, 1996,  the  Company's  working  capital  position was
$3,695,434,  compared  to  $3,170,150  as of June 30,  1996.  This  increase  of
$525,284 was  primarily due to an increase in  inventories  purchased for future
auctions  ($1,587,156),  a decrease in payables to consignors  ($654,671) and an
increase  in advances  to  consignors  ($413,297).  These  increases  to working
capital  were  offset by a decrease  in  auctions  receivable  ($1,465,061),  an
increase in the current  portion of loans payable  ($290,906)  and a decrease in
cash  ($279,764).  These items were the material cause of the negative cash flow
from operating activities of $69,321.

         The  Company  experienced  a  decrease  in  cash  flow  from  investing
activities  for the three months ended  September 30, 1996 of $40,666.  This was
attributable  to the purchase of equipment  of $26,037 and  additional  goodwill
related to the purchase of Ivy and Mader, in the amount of $14,629.

         The  Company  experienced  a  decrease  in  cash  flow  from  financing
activities for the three months ended  September 30, 1996 of $169,777.  This was
primarily  attributable  to the Company  reducing its notes and loans payable in
the amount of $147,197.

         The Company's  need for  liquidity  and working  capital is expected to
increase as a result of any proposed business expansion activities.  In addition
to the need for such capital, and to enhance the Company's ability to offer cash
advances  to  a  larger  number  of  potential  consignors  of  property  (which
management  believes  is an  important  aspect of the  marketing  of an  auction
business).  In addition,  the Company  will likely  require  additional  working
capital  in the future in order to further  expand its sports  trading  card and
sports memorabilia auction business as well as to acquire  collectibles for sale
in the Company's business.

         Management   believes  that  the  Company's   cash  flow  from  ongoing
operations  supplemented by the Company's working capital credit facilities will
be adequate to fund the Company's  working capital  requirements for the next 12
months.  However, to complete any of the Company's proposed expansion activities
or to make any  significant  acquisitions,  the Company may  consider  exploring
financing   alternatives   including   increasing  its  working  capital  credit
facilities or raising additional debt or equity capital.

         The decision to expand, the desired rate of expansion, and the areas of
expansion will be determined by management and the Board of Directors only after
careful consideration of all relevant factors, including the Company's financial
resources  and  working  capital  needs,  and needs to  continue  its growth and
position in its core business area of stamp auctions.


<PAGE>


                           GREG MANNING AUCTIONS, INC.

                           Part II - OTHER INFORMATION




Item 1. Legal Proceedings

                  None

Item 2. Changes in Securities

                  None

Item 3. Defaults Upon Senior Securities

                  None

Item 4. Submission of Matters to a Vote of Security Holders

                  None

Item 5. Other Information.

                  None

Item 6. Exhibits and Reports on Form 8-k.

                  (a) Exhibits

                           27  Financial Data Schedule

                  (b) Reports on form 8-k

                           None



<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Company  has duly  caused  this  report to be  signed on its  behalf by the
undersigned thereunto duly authorized


                        GREG MANNING AUCTIONS, INC.



Dated:   November 14, 1996


                                     Greg Manning
                                     Chairman and Chief Executive Officer





                                      Daniel Kaplan
                                      Vice President and Chief Financial Officer





<PAGE>




                                  EXHIBIT INDEX




                                                     Page Number in
Exhibit                                              Sequentially
No.               Description                        Numbered Copy
-------- ------------------------------------------  ---------------

27                Financial Data Schedule