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, 1997

                                   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  November  7,  1997,  Issuer  had  4,419,997  shares of its  Common  Stock
outstanding.

Transitional Small Business Disclosure Format (check one):  Yes ____ No       X.

<PAGE>

                           GREG MANNING AUCTIONS, INC.

                         PART I - FINANCIAL INFORMATION


Item 1. Financial Statements (Unaudited)

Table of Contents                                           Page Number

Consolidated Balance Sheet - September 30, 1997 (Unaudited)      3

Consolidated Statements of Operations and Retained Earnings -    4
Three months ended September 30, 1996 and 1997 (Unaudited)

Consolidated Statements of Cash Flows -                          5
Three months ended September 30, 1996 and 1997 (Unaudited)

Notes to Consolidated Financial Statements                       6
as of September 30, 1997

Item 2. Management's Discussion and Analysis                    10



<PAGE>

                           GREG MANNING AUCTIONS, INC.
                           Consolidated Balance Sheet
                               September 30, 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                
                                     Assets
Current assets:
<S>                                                                                  <C>     
Cash and cash equivalents                                                            $ 352,350
                                                                                       
Accounts receivable
     Auctions receivable                                                             9,123,324
     Advances to consignors                                                          1,563,919
Note receivable - current portion                                                      322,294
Inventory                                                                            3,716,688
Income taxes receivable                                                                262,867
Due from affiliate - CRM                                                               173,837
Deferred tax asset                                                                     184,000
Prepaid expenses and deposits                                                          129,814
                                                                               ----------------
     Total current assets                                                           15,829,093
Property and equipment, net                                                            735,598
Goodwill                                                                             1,742,853
Marketable securities                                                                  415,200
Notes receivable - long-term portion                                                    48,981
Deferred tax asset                                                                      69,400
Other assets                                                                           357,275
                                                                               ================
     Total assets                                                                  $19,198,400
                                                                               ================
                      Liabilities and Stockholders' Equity
Current liabilities:
Demand notes payable                                                               $ 5,675,000
Note payable - current portion                                                         582,485
Payable to third party consignors                                                    3,937,707
Accounts payable                                                                       720,459
Accrued expenses                                                                       545,322
                                                                               ----------------
     Current liabilities                                                            11,460,973
Notes payable - long-term portion                                                      295,130
                                                                               ----------------
     Total liabilities                                                              11,756,103
                                                                               ----------------

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                                                           6,819,690
Unrealized loss on marketable securities                                               (13,400)
Retained earnings                                                                      591,807
                                                                               ----------------
     Total stockholders' equity                                                      7,442,297
                                                                               ----------------
     Total liabilities and stockholders' equity                                    $19,198,400
                                                                               ================
</TABLE>

                 See accompanying notes to financial statements
<PAGE>


                          GREG MANNING AUCTIONS, INC.
           Consolidated Statements of Operations and Retained Earnings
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                   Three months ended September 30,
                                                                                ---------------------------------------
                                                                                      1996                 1997
                                                                                ------------------   ------------------

Operating revenues
<S>                                                                                   <C>                   <C>       
     Sales of merchandise                                                             $ 1,257,349           $1,860,356
     Commissions earned                                                                   654,138              529,506
                                                                                ------------------   ------------------
                                                                                        1,911,487            2,389,862
                                                                                ------------------   ------------------
Operating expenses
     Cost of merchandise sold                                                             833,287            1,555,510
     General and administrative                                                           906,116            1,121,009
     Marketing                                                                            142,934              156,740
                                                                                ------------------   ------------------
                                                                                        1,882,337            2,833,259
                                                                                ------------------   ------------------
        Operating profit (loss)                                                            29,150             (443,397)
Other income (expense)
     Interest and other income                                                            179,036               97,851
     Interest expense                                                                    (186,419)            (173,153)
                                                                                ------------------   ------------------
        Income (loss) before income taxes                                                  21,767             (518,699)

Provision for (benefit from) income taxes                                                  17,598             (225,634)
                                                                                ------------------   ------------------
     Net income (loss)                                                                      4,169             (293,065)
Retained earnings, beginning of period                                                    224,268              884,872
                                                                                ------------------   ------------------
Retained earnings, end of period                                                       $  228,437            $ 591,807
                                                                                ==================   ==================

Net income (loss) per share                                                            $     0.00            $   (0.07)
Weighted average number common and
     equivalent shares outstanding                                                      4,771,200            4,419,997
                                                                                ==================   ==================

</TABLE>

                 See accompanying notes to financial statements



<PAGE>



                           GREG MANNING AUCTIONS, INC.
                      Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                            Three months ended September 30,
                                                                         ----------------------------------------
                                                                                1996                 1997
                                                                         -------------------  -------------------
Cash flows from operating activities:
<S>                                                                               <C>                 <C>        
     Net income (loss)                                                            $   4,169           $ (293,065)
     Adjustments to reconcile net income to net cash from operating activities:
        Depreciation and amortization                                                85,267               95,731
        Provision for bad debts                                                           -               25,000
        (Increase) decrease in assets:
            Auctions receivable                                                   1,465,061            1,681,591
            Advances to consignors                                                 (413,297)           4,143,378
            Notes receivables                                                       121,097              231,208
            Inventory                                                              (887,156)             181,563
            Due from affiliate - CRM                                                 56,186               (2,950)
            Income taxes receivable                                                  34,345             (262,867)
            Prepaid expenses and deposits                                            71,629                6,701
        Increase (decrease) in liabilities
            Payable to third-party consignors                                      (654,671)          (4,238,234)
            Accounts payable                                                        128,317             (876,389)
            Accrued expenses                                                        (97,866)             132,460
            Income taxes payable                                                     17,598             (121,786)
                                                                         -------------------  -------------------
                                                                                    (69,321)             702,341
                                                                         -------------------  -------------------
Cash flows from investing activities:
     Capital expenditures for property and equipment                                (26,037)             (36,309)
     Additional goodwill                                                            (14,629)                   -
                                                                         -------------------  -------------------
                                                                                   (40,666)             (36,309)
                                                                         -------------------  -------------------
Cash flows from financing activities:
     Repayment of from demand notes payable                                       (115,000)            (800,000)
     Repayment of loans payable                                                    (32,197)            (148,903)
     Cost for issuance of stock                                                    (22,580)                   -
                                                                         -------------------  -------------------
                                                                                  (169,777)            (948,903)
                                                                         -------------------  -------------------
Net change in cash and cash equivalents                                           (279,764)            (282,871)
Cash and cash equivalents at beginning of period                                   558,506              635,221
                                                                         ===================  ===================
Cash and cash equivalents at end of period                                        $ 278,742            $ 352,350
                                                                         ===================  ===================

</TABLE>

                 See accompanying notes to financial statements



<PAGE>


                           GREG MANNING AUCTIONS, INC

                   Notes to Consolidated Financial Statements
                               September 30, 1997
                                   (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 autographs and rare documents.  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, 1997
and related consolidated  statements of operations and retained earnings for the
three months ended  September 30, 1996 and 1997 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, 1997 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. The Company does not 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.

         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.
<PAGE>

         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.  When  however,  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 in  question.  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

         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:

<TABLE>
<CAPTION>

                                                      For the three months ended
                                                            September 30,                         Percentages
                                                 -------------------------------------    -----------------------------
                                                       1996               1997                 1996          1997
                                                 -------------------------------------    -----------------------------
<S>                                                  <C>               <C>                     <C>           <C> 
       Aggregate Sales                               $  5,304,628      $  5,547,828            100%          100%
                                                 =====================================    =============================
          By source:
             A. Auction                              $  4,047,279      $   3,687,472            76%           66%
             B. Sales of inventory                      1,257,349          1,860,356            24%           34%
                                                 -------------------------------------    -----------------------------
          By market:
             A. Philatelics                             5,005,971          5,382,491            95%           97%
             B. Sports collectibles                       280,861            165,337             5%            3%
             C. Other collectibles                         17,796                  -             0%            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, 1997 was $277,727.  The recoverability of goodwill
is  evaluated  at each year end  balance  sheet date as events or  circumstances
indicate a possible inability to recover its carrying amount. This evaluation is
based on historical and projected results of operations and gross cash flows for
the underlying businesses.

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
for  temporary  changes in fair value of marketable  securities  are credited or
charged to a separate component of Stockholders' Equity.
<PAGE>

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.  Outstanding
stock  options and warrants for the three months ended  September  30, 1997 were
excluded  from  earnings  per  common  share  computations   because  they  were
antidilutive.  Primary and fully diluted earnings per share are the same for the
three months ended September 30, 1996.

(3) Inventories

         Inventories as of September 30, 1997 consisted of the following:

                    Stamps                                          $ 2,002,885
                    Sports cards and sports memorabilia                 581,033
                    Other collectibles                                1,132,770
                                                              ------------------
                                                                    $ 3,716,688
                                                              ==================


(4) Marketable Securities

         As of September 30, 1997,  the Company owned 11.4% 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 a  cumulative  unrealized  loss of  $22,400  which  was  offset by
deferred  tax asset of $9,000.  The  decrease  in net  valuation  of $13,400 was
charged to a separate component of Stockholders' Equity in previous periods.

(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  September  30,  1997,  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, 1997, such
auction and private treaty sales were not material.
<PAGE>

         Scott  Rosenblum,  a director of the  Company,  is a partner of the law
firm Kramer,  Levin,  Naftalis & Frankel,  which  provides legal services to the
Company.  Anthony L.  Bongiovanni,  Jr.,  also a  director  of the  Company,  is
president of Micro Strategies, Incorporated, which provides computer services to
the Company.  Amounts charged to operations for services rendered by these firms
for the three months ended September 30, 1996 and 1997 were approximately $9,000
and $70,000 respectively,  in the case of Kramer, Levin, Naftalis & Frankel, and
approximately $34,000 and $25,000 respectively, in the case of Micro Strategies,
Incorporated.

(6) Debt

         The  Company  is party to a  secured  revolving  credit  and term  loan
facility with Brown Brothers Harriman & Co. ("BBH&Co.").  At September 30, 1997,
borrowing under the revolving  credit facility and term loan totaled  $5,675,000
and $218,750 respectively.  Absent a material adverse change or event of default
as determined by BBH&Co.,  BBH&Co. has agreed to provide of the revolving credit
loan, 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.  For the three months ended  September 30, 1997,  the
Company  was not in  compliance  with the  guideline  relating to the formula of
earnings  before  interest,  depreciation  and taxes to interest  expense.  As a
result,  BBH&Co.  has the right under the credit  agreement to demand  immediate
payment of all amounts  outstanding  without the  otherwise  applicable  120 day
notice period

(7)  Supplementary Cash Flow Information

<TABLE>
<CAPTION>

         Following is a summary of supplementary cash flow information:

                                                           For the three months ended
                                                                   September 30,
                                                           1996                 1997
                                                      ----------------    -----------------
<S>                                                       <C>                  <C>     
        Interest paid                                     $174,610             $179,361
        Income taxes paid                                   15,576                4,921
        Noncash investing and financing activities:
           Acquisition of inventory under note payable     700,000

</TABLE>


<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, 1997, the Company
earned a  commission  of 15% from the  buyers in all  markets  except for sports
cards and mail auctions, which is a 10% premium.

         The Company's  operating  expenses  consist of the cost of sales of the
Company's  inventory  and  general and  administrative  expenses  and  marketing
expenses  for the three months ended  September  30, 1996 and 1997.  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, 1997
Compared With The Three Months Ended September 30, 1996


         The Company  recorded a increase in  revenues of $478,375  (25%),  from
$1,911,487  for the three months ended  September 30, 1996 to $2,389,862 for the
three months ended September 30, 1997. This increase was primarily  attributable
to the  increases  in revenues  from the sale of the  Company's  inventories  of
$603,012  (48%) for the three month period ended  September 30, 1997 compared to
the prior year.

         Gross  margins on the sales of the  Company's  inventory  decreased  by
$119,211  (28%) in the three months  ended  September  30, 1997  compared to the
three months ended  September 30, 1996. The overall gross margin declined to 16%
on inventory sales during the three months ended September 30, 1997 from 34% for
the comparable  period in the prior year. The stamp area had a decrease in gross
margins to 15% during the three months ended  September 30, 1997 compared to 33%
for the prior year comparable period, which was approximately 7% higher than the
Company normally  averages in the stamp area. During the quarter ended September
30,  1997 the  Company  sustained  a loss on a large lot that had the  effect of
reducing gross margins in the stamp area by  approximately  6%. During this same
quarter,  the Company  did not hold any sports  auctions  and the overall  gross
margins due to the reduced sports activity declined approximately 2% as compared
to the same period of the previous year.

         The Company's operating expenses increased by $228,699 (22%) during the
three months ended  September  30, 1997 compared to the same period in the prior
year.  These costs resulted in operating costs of 53% of operating  revenues for
the three months ended  September  30, 1997  compared to 55% for the  comparable
period in the prior year. The primary cost increases  were  attributable  to the
approximately  $99,900 in operating costs for the mail auction  operations which
had its start up in the quarter  ended June 30, 1997 and legal,  accounting  and
consulting costs which were  approximately  $55,600 higher than that of the same
period in the prior year.

         Interest income decreased by $81,185 substantially due to a lower level
of outstanding  interest bearing advances to consignors during the quarter ended
September  30, 1997 as compared to the three  months ended  September  30, 1996.
This was partially  offset by an decrease in interest  expense of $13,266 during
the three months ended  September 30, 1997 as compared to the comparable  period
of the prior year due primarily to reduced overall borrowings.

         Net Income:  The  Company's  decrease in  operating  profits  (loss) of
$472,547  during the three  months ended  September  30, 1997 as compared to the
same  period  of the prior  year was the  primary  component  of the net loss of
$293,065  for the three  months  ended  September  30, 1997  compared to the net
income of $4,169 during the three months ended September 30, 1996.




<PAGE>


 Liquidity and Capital Resources

         At September  30, 1997,  the  Company's  working  capital  position was
$4,368,120,  compared  to  $4,645,765  as of June 30,  1997.  This  decrease  of
$277,645 was  primarily  due to decreases  in auctions  receivable  (1,681,591),
advances  to  consignors  ($4,143,378),  current  portion  of  notes  receivable
($231,208), and inventories ($181,563).  These decreases to working capital were
offset by a decrease  in payables to third  party  consignors  ($4,238,234)  and
accounts payable ($876,389). These items were the material cause of the positive
cash flow from operating activities of $702,341.

         The  Company  experienced  a  decrease  in  cash  flow  from  investing
activities  for the three months ended  September 30, 1997 of $36,309.  This was
attributable to solely capital expenditures during this period.

         The  Company  experienced  a  decrease  in  cash  flow  from  financing
activities for the three months ended  September 30, 1997 of $948,903.  This was
attributable  to the  Company  reducing  its  demand  notes  payable  under  its
revolving  credit and term loan  facility by $800,000 and  payments  made on its
term loans of $148,903.

         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.  This will include the Company's
financial  resources and working capital needs,  and the necessity of continuing
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 13, 1997

                               Greg Manning
                               Chairman and Chief Executive Officer



                               William Tully
                               Vice President and Acting Chief Financial Officer





<PAGE>




                                  EXHIBIT INDEX





Exhibit
No.               Description
-------- ------------------------------------------

27                Financial Data Schedule


<PAGE>