SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

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

For the quarterly period ended March 31, 2003
                              ---------------

                                   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 Registrant as specified in its Charter)


          Delaware                                               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)


Registrant's telephone number, including area code:  (973) 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 May 9, 2003, Issuer had 12,705,804 shares of its Common Stock outstanding.


                                       1

<PAGE>

                           GREG MANNING AUCTIONS, INC.

                                Table of Contents

                                                                     Page Number
                                                                     -----------

PART I.     FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

        Condensed Consolidated Balance Sheets at
        June 30, 2002 and March 31, 2003                                   3

        Condensed Consolidated Statements of Operations for the
        three and nine months ended March 31, 2002 and 2003                4

        Condensed Consolidated Statements of Stockholders'
        Equity for the nine months ended March 31, 2003                    5

        Condensed Consolidated Statements of Cash Flows for the
        nine months ended March 31, 2002 and 2003                          6

        Condensed Consolidated Statement of Comprehensive Income
        (Loss) for the nine months ended March 31, 2002 and 2003           7

        Notes to Condensed Consolidated Financial Statements               8

Item 2. Management's Discussion and Analysis of
        Financial Condition and Results of Operations                     18

Item 3. Quantitative and Qualitative Disclosures About Market Risk        26

PART II.    OTHER INFORMATION

Item 1. Legal Proceedings                                                 27

Item 2. Changes in Securities                                             27

Item 3. Defaults Upon Senior Securities                                   27

Item 4. Submission of Matters to a Vote of Security Holders               27

Item 5. Other Information                                                 27

Item 6. Exhibits and Reports on Form 8-K                                  27

Signatures                                                                29


                                       2

<PAGE>

PART I. FINANCIAL INFORMATION

<TABLE>
<CAPTION>

                           GREG MANNING AUCTIONS, INC.
                      Condensed Consolidated Balance Sheets
                  (amounts in thousands except per share data)

                                                                      June 30,        March 31,
                                                                        2002            2003
                                                                     ----------      ----------
                      Assets                                         (Audited)       (Unaudited)
                     -------
 Current Assets

<S>                                                                  <C>               <C>
  Cash and Cash Equivalents                                          $  2,169          $  1,148
  Accounts Receivable, net
      Auctions and Trade Receivable                                     6,979             7,992
      Advances to Consignors                                            1,164               950
      Other                                                              --                  88
  Inventory                                                            11,425            12,583
  Prepaid Expenses                                                        380               886
                                                                     --------          --------
      Total Current Assets
                                                                       22,117            23,647

Property and Equipment, Net                                               948               776
Goodwill, Net                                                           1,516             1,516
Other Purchased Intangibles, Net                                        1,065             1,019
Marketable Securities                                                      76                52
Other Non-Current Assets
  Loans Receivable - Related Party                                       --                 600
  Inventory                                                             1,400             1,400
  Other                                                                   226               209
                                                                     --------          --------
      Total Assets                                                   $ 27,348          $ 29,219
                                                                     ========          ========

            Liabilities and Stockholders' Equity
            ------------------------------------

Current Liabilities

  Demand Notes Payable                                               $  1,400          $    140
  Notes Payable and Capital Leases                                      5,657             5,266
  Payable to Third Party Consignors                                     2,945             3,328
  Accounts Payable                                                      4,062             6,521
  Advances Payable                                                       --                 513
  Accrued Expenses                                                      1,512               986
                                                                     --------          --------
      Total Current Liabilities                                        15,576            16,754
  Notes Payable and Capital Leases - Long Term                            116                65
                                                                     --------          --------
      Total Liabilities                                                15,692            16,819

Stockholders' Equity

Preferred Stock, $.01 par value. Authorized
  10,000 shares; none issued
Common Stock, $.01 par value
  Authorized: 40,000 shares
  Issued: June 30, 2002-13,072 shares                                     130               130
  Issued: March 31, 2003-13,074 shares
Additional paid in capital                                             45,842            45,846
Accumulated other comprehensive income:
  Unrealized loss on marketable securities
      net of tax                                                         (309)             (333)
Accumulated Deficit                                                   (31,459)          (30,695)
Treasury stock, at cost:
  368 shares at June 30 and March 31,
  2003, respectively                                                   (2,548)           (2,548)
                                                                     --------          --------
      Total Stockholders' Equity                                       11,656            12,400
                                                                     --------          --------
      Total Liabilities and Stockholders' Equity                     $ 27,348          $ 29,219
                                                                     ========          ========
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                       3

<PAGE>

<TABLE>
<CAPTION>

                           GREG MANNING AUCTIONS, INC.
                      Consolidated Statements of Operations
                  For the Three and Nine Months Ended March 31,
                  (amounts in thousands except per share data)
                                   (Unaudited)

                                                       Three Months Ended                     Nine Months Ended
                                                            March 31,                             March 31,
                                                   ----------------------------           ---------------------------
                                                      2002               2003               2002               2003
                                                   ---------           --------           --------           --------

<S>                                                 <C>                <C>                <C>                <C>
Operating Revenues
 Sales of merchandise                               $ 20,964           $ 25,619           $ 55,330           $ 68,446
 Commissions earned                                    1,089                976              2,839              2,918
                                                    --------           --------           --------           --------
 Total Revenues                                       22,053             26,595             58,169             71,364

 Cost of merchandise sold                             19,403             23,386             50,934             63,255
                                                    --------           --------           --------           --------
 Gross profit                                          2,650              3,209              7,235              8,109

 Operating Expenses
General and Administration                             1,116              1,220              3,493              3,773
 Salaries and Wages                                    1,093              1,232              3,307              3,547
Depreciation and Amortization                            343                121              1,046                365
 Marketing                                               402                435              1,082              1,146
                                                    --------           --------           --------           --------
Total Operating Expenses                               2,954              3,008              8,928              8,831
                                                    --------           --------           --------           --------
Operating Income (Loss)                                 (304)               201             (1,693)              (722)
                                                    --------           --------           --------           --------

 Other Income (expense)
 Interest Income                                          62                 48                130                115
 Interest Expense                                       (222)              (213)              (603)              (664)
Loss from operations of investee                        --                 --                 (250)              --
Gain from sale of investee-related
  party                                                 --                2,035               --                2,035
                                                    --------           --------           --------           --------
Income (Loss) before income taxes                       (464)             2,071             (2,416)               764
 Provision for income taxes                              200               --                  200               --
                                                    --------           --------           --------           --------
 Net Income (Loss)                                  $   (664)          $  2,071           $ (2,616)          $    764
                                                    ========           ========           ========           ========

 Basic Earnings (Loss) per Share
Weighted average shares outstanding                   12,695             12,704             12,323             12,704
 Basic Earnings (Loss) per share                    $  (0.05)          $   0.16           $  (0.21)          $   0.06
                                                    ========           ========           ========           ========

Diluted Earnings (Loss) per Share
Weighted average shares outstanding                   12,695             12,818             12,323             12,758

 Diluted Earnings (Loss) per share                  $  (0.05)          $   0.16           $  (0.21)          $   0.06
                                                    ========           ========           ========           ========
</TABLE>

     See accompanying notes to condensed consolidated financial statements


                                       4

<PAGE>

<TABLE>
<CAPTION>

                           GREG MANNING AUCTIONS, INC.
            Condensed Consolidated Statement of Stockholders' Equity
                         July 1, 2002 to March 31, 2003
                             (amounts in thousands)
                                   (Unaudited)

                                                                            Unrealized
                                         Common Stock         Additional     Gain(Loss)                                 Total
                                   ------------------------    Paid-In      On Marketable   Accumulated   Treasury   Stockholders'
                                     Shares         $          Capital       Securities       Deficit       Stock       Equity
                                   ----------    ----------   ----------    -------------   -----------   ---------  ------------

<S>                               <C>           <C>            <C>         <C>              <C>          <C>           <C>
Balance, June 30, 2002               13,072      $   130        45,842       $  (309)         (31,459)     $(2,548)     $11,656

Exercise of stock options                 2            4             4

 Unrealized loss from
    Marketable securities               (24)         (24)

 Net Loss, March 31,2003                764          764
                                    -------      -------       -------       -------          -------      -------      -------
 Balance, March 31,2003              13,074          130       $45,846          (333)         (30,695)     $(2,548)     $12,400
                                    =======      =======       =======       =======          =======      =======      =======
</TABLE>

      See accompanying notes to condensed consolidated financial statements



                                       5

<PAGE>

<TABLE>
<CAPTION>

                           GREG MANNING AUCTIONS, INC.
                 Condensed Consolidated Statements of Cash Flows
                       For the Nine Months Ended March 31,
                             (amounts in thousands)
                                   (Unaudited)

                                                                            2002            2003
                                                                          --------         -------

 Cash flows from operating activities:
<S>                                                                       <C>              <C>
    Net Income (Loss)                                                     $(2,616)         $   764
    Adjustments to reconcile net loss to net cash
      from operating activities:
       Depreciation and amortization                                        1,046              344
       Provision (recovery) for bad debts                                     (64)              58
       Common Stock issued for services                                       209             --
      Equity in loss of equity method investee                                250             --
      Gain on sale of investee-related party                                 --             (2,035)
      Deferred tax (benefit) expense                                          200             --
       (Increase) decrease in assets: Auctions receivable                   1,862           (1,105)
         Advances to consignors                                              (560)             249
         Other                                                               --                (88)
         Inventory                                                             95           (1,157)
         Prepaid expenses and deposits                                        130             (507)
         Other assets                                                        (177)              17
       Increase (decrease) in liabilities:
         Payable to third-party consignors                                   (291)             382
         Accounts payable                                                    (683)           2,459
         Accrued expenses and other liabilities                              (969)            (528)
         Advances Payable                                                    --                513
         Advance from Related Party                                           (90)            --
                                                                          -------          -------

                                                                           (1,658)            (634)

Cash flows from investing activities
    Capital expenditures for property and equipment                           (95)            (126)
    Loans Receivable - Related Party                                         --               (600)
    Investment in equity method investee                                     (250)
   Proceeds from sale of investee-related party                              --              2,035
                                                                          -------          -------

                                                                             (345)           1,309
Cash flows from financing activities:
    Net proceeds from (repayment of) demand notes payable                  (6,500)          (1,260)
    Net proceeds from (repayment of ) loans payable                         6,806             (440)
   Proceeds from exercise of stock options                                   --                  4
    Proceeds from sale of Common Shares                                     1,950             --
                                                                          -------          -------

                                                                            2,256           (1,696)

Net change in cash and cash equivalents                                       253           (1,021)
Cash and cash equivalents:
    Beginning of period                                                     2,158            2,169
                                                                          -------          -------
    End of period                                                         $ 2,411          $ 1,148
                                                                          =======          =======
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                       6

<PAGE>

                           GREG MANNING AUCTIONS, INC.
        Condensed Consolidated Statements of Comprehensive Income (Loss)
                       For the Nine Months Ended March 31,
                             (amounts in thousands)
                                   (Unaudited)


                                                             2002         2003
                                                           --------     --------

Net Income(Loss)                                           $(2,616)     $   764

Other Comprehensive Income (Loss)
      Unrealized loss on securities, net of tax                (56)         (24)
                                                           -------      -------
                                                           $(2,672)     $   740
                                                           =======      =======

     See accompanying notes to condensed consolidated financial statements.



                                       7

<PAGE>

Notes to Condensed Consolidated Financial Statements
(amounts in thousands except per share amounts or as noted)

(1)  Organization, Business and Basis of Presentation

      Greg Manning Auctions, Inc. together with its wholly-owned subsidiaries,
Ivy and Mader Philatelic Auctions, Inc., Greg Manning Galleries, Inc., Teletrade
Inc., Spectrum Numismatics International, Inc., and Kensington Associates L.L.C.
(the "Company") is an eCommerce and collectibles company as well as a public
auctioneer of collectibles, including rare stamps, stamp collections and stocks,
sports trading cards and memorabilia, fine art and coins. The Company conducts
both in-person event auctions and electronic auctions via the Internet and
touch-tone telephone. The Company accepts property for sale at auctions from
sellers on a consignment basis, and earns a commission on the sale.

      The accompanying condensed consolidated balance sheets as of June 30, 2002
and March 31, 2003 and related condensed consolidated statements of operations,
stockholders' equity, cash flows and comprehensive income for the three and nine
month periods ended March 31, 2002 and 2003 have been prepared from the books
and records maintained by the Company, in accordance with accounting principles
generally accepted in the United States of America for interim financial
information and with the instructions to Form 10-Q. 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-K for the year ended June 30, 2002 filed with the Securities
and Exchange Commission. The results of operations for such periods are not
necessarily indicative of the results expected for the full fiscal year or for
any future period.

(2) Summary of Certain Significant Accounting Policies

Revenue Recognition

      The Company accounts for revenue recognition in accordance with Staff
Accounting Bulletin No. 101, ("SAB 101"), which provides guidance on the
recognition, presentation and disclosure of revenue in financial statements, and
Emerging Issues Task Force ("EITF") Issue No. 99-19 "Reporting Revenue Gross as
a Principal vs. Net as an Agent" which provides guidance on the recognition of
revenue gross as a principal versus net as an agent.

     The Company derives revenues from two primary sources:

1.    Auction Revenue:

      Revenue is recognized when consigned collectibles are sold at auction and
is represented by an auction 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. Such amounts of revenue are recorded on a
net basis as commission revenue.

      The Company also sells its own inventory at auction. Revenue of owned
inventory is recognized when sold at auction. Such amounts of revenue are
recorded on a gross basis as sales of merchandise. Additionally, the Company is
entitled to auction commissions paid by the buyer. Sales returns have not been
material.



                                       8
<PAGE>

2.    Private Treaty Sales:

      Private treaty sales represent sales of consigned property and sales of
owned inventory.

      Private treaty sales of consigned property occur when an owner of property
arranges with the Company to sell such consigned 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.
Such amounts of revenue are recorded on a net basis as commission revenue and
are recognized when sold.

      Private treaty sales of owned inventory occur when the Company sells its
goods directly to a customer either wholesale or retail. Revenue with respect to
private treaty revenues is recognized when delivered or released to the customer
for acceptance or to a common carrier for delivery. Such amounts of revenue are
recorded on a gross basis as sales of merchandise. Sales returns have not been
material.

      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 catalogue. 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 the 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. The Company accounts for all investments
in investees under the cost method of accounting when such investment ownership
is less than 20%. The Company accounts for investments in investees under the
equity method of accounting when the Company owns more than 20% of the entity,
but less than majority owned and not otherwise controlled by the Company. At
March 31, 2003 the Company did not have any ownership interests in any
investees.

Accounts Receivable

       Accounts receivable consists of auction or trade receivables and
consignor advances.

       Auction or trade receivables represent sales made to customers for which
short-term credit extensions are granted, which generally are not extended
beyond 90 days.

      Advances to consignors represent advance payments, or loans, to the
consignor prior to the auction sale, collateralized by the items received and
held by the Company for the auction sale and the proceeds from such sale.
Interest on such amounts is generally charged at an annual rate of 12%. Such
advances generally are not outstanding for more than six months from the date of
the note.

      As of June 30, 2002 and March 31, 2003, the allowance for doubtful
accounts included in auction receivables was approximately $1,077 and $1,151,
respectively.

Intangible Assets

                                       9

<PAGE>

      Goodwill

       Effective July 1, 2002, the Company adopted Statement of Financial
Accounting Standards ("SFAS"), No. 142, "Goodwill and Other Intangible Assets".
SFAS 142 requires that goodwill and intangible assets with indefinite useful
lives no longer be amortized, but instead be tested for impairment at least
annually in accordance with the provisions of Statement 142. Statement 142 also
requires that intangible assets with estimable useful lives be amortized over
their respective estimated useful lives to their estimated residual values, if
any, and reviewed for impairment in accordance with SFAS Statement No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets". Upon adoption,
the Company re-evaluated the future estimated useful lives of its intangible
assets that have an indefinite life.

       SFAS 142 is effective for the Company for fiscal 2003. Accordingly, the
Company no longer amortizes its goodwill and is required to complete a two-step
test for impairment annually. The first step of the goodwill impairment test,
used to identify potential impairment, compares the fair value of a reporting
unit with its carrying amount, including goodwill. If the carrying amount of the
reporting unit exceeds its fair value, the second step of the goodwill
impairment test must be performed to measure the amount of the impairment loss,
if any.

       The Company evaluates the recoverability of goodwill and intangible
assets using undiscounted cash flows which determines if the carrying value of
goodwill and other intangibles are impaired. The amount of impairment is
measured based on discounted future cash flows using the Company's average cost
of funds. Annually the Company performs this analysis with assistance from an
independent valuation expert. The tests the Company performs compares the
expected future discounted cash flows for a five-year period, to the carrying
amount of the long-lived assets resulting from purchase business combinations.
In performing these analyses, the Company uses the best information available in
the circumstances including reasonable and supportable assumptions and
projections. Total accumulated amortization of goodwill at June 30, 2002 and
March 31, 2003 was approximately $6,936.

The following table presents the transitional disclosures required by SFAS 142:

     (Dollars in thousands, except per share data)
                                                            March 31,
                                                        2003           2002
                                                      --------      ----------
Reported net income (loss)                            $    764      $  (2,616)
Add back: Amortization of goodwill                        --              392
                                                       -------      ---------
Adjusted net income (loss)                            $    764      $  (2,224)
                                                       =======      =========

BASIC EARNINGS(LOSS) PER COMMON SHARE:
Reported net income (loss)                            $    .06      $   (0.21)
Add back: Amortization of goodwill                        --              .03
                                                       -------      ---------
Adjusted net income (loss)                            $    .06      $   (0.18)
                                                       =======      =========

DILUTED EARNINGS(LOSS) PER COMMON SHARE:
Reported net income (loss)                            $    .06      $   (0.21)
Add back: Amortization of goodwill                        --             0.03
                                                       -------      ---------
Adjusted net income (loss)                            $    .06      $   (0.18)
                                                       =======      =========

      Other Purchased Intangibles


                                       10

<PAGE>

At June 30, 2002 and March 31, 2003, acquired intangible assets were comprised
of the following (in thousands):

<TABLE>
<CAPTION>

June 30, 2002                Estimated
                            Useful Lives   Gross Carrying   Accumulated    Net Book
                              (Years)          Amount       Amortization    Value
----------------------------------------------------------------------------------
<S>                               <C>        <C>             <C>           <C>
Trademarks                        16         $ 3,000         $(2,015)      $   985
Customer Lists                     5           1,105          (1,025)           80
                             -------        -------          -------       -------
                                             $ 4,105         $(3,040)      $ 1,065
                                             =======         =======       =======

<CAPTION>

March 31, 2003              Estimated
                           Useful Lives   Gross Carrying   Accumulated    Net Book
                             (Years)          Amount       Amortization    Value
----------------------------------------------------------------------------------

<S>                               <C>        <C>             <C>           <C>
Trademarks                        16         $ 3,000         $(2,061)      $   939
Customer Lists                     5           1,105          (1,025)           80
                             -------         -------         -------       -------
                                             $ 4,105         $(3,086)      $ 1,019
                                             =======         =======       =======
</TABLE>


All of the Company's intangible assets are subject to amortization. Amortization
expense including goodwill for acquired intangible assets for the three and nine
months ended March 31, 2002 were approximately $131 and $392, respectively, and
for the three and nine months ended March 31, 2003 were approximately $15 and
$46, respectively.

Estimated amortization expense on an annual basis for the succeeding five years
is as follows (in thousands):

Twelve Month Period Ended
March 31,                           Amount
-----------------------------------------------

2004                               $    62
2005                                    62
2006                                    62
2007                                    62
2008                                    62
Thereafter                             709
                                   -------
Total                              $ 1,019
                                   =======

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.

      Marketable securities available for sale as of June 30, 2002 and March 31,
2003 is as follows:


                                       11

<PAGE>

                                                          Market    Unrealized
                                              Cost        Value     Gain (Loss)
                                              ----        -----     -----------

June 30, 2002              Common Stock       $ 385       $  76        $(309)
                                              =====       =====        =====

March 31, 2003             Common Stock       $ 385       $  52        $(333)
                                              =====       =====        =====

Advances Payable

      Advances payable are cash advances on inventory consigned to a third party
for sale by the third party at a later date at which time the advance will be
deducted from the proceeds. The balances were $0 and $513 as of June 30, 2002
and March 31, 2003 respectively.

Earnings (loss) per common and common equivalent share

      Basic earnings per share is computed by dividing income available to
common shareholders by the weighted-average number of common shares outstanding
during the period. Diluted earnings per share is computed by dividing income
available to common shareholders by the weighted-average number of common shares
outstanding during the period increased to include the number of additional
common shares that would have been outstanding if the dilutive potential common
shares had been issued. The dilutive effect of the outstanding options would be
reflected in diluted earnings per share by application of the treasury stock
method.

Comprehensive Income

      Comprehensive income as defined includes all changes in equity (net
assets) during a period from non-owner sources. Accumulated other comprehensive
income, as presented on the accompanying consolidated balance sheet consist of
the net unrealized gains (losses) on securities, net of tax.


New Accounting Pronouncements

      Effective July 1, 2002, the Company adopted the Statement of Financial
Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets".
This statement is effective for the Company on July 1, 2002 (see intangible
assets discussion above).

      Effective July 1, 2002, the Company adopted the SFAS No. 143, "Accounting
for Asset Retirement Obligations," which is effective for financial statements
issued for fiscal years beginning after June 15, 2002. The adoption of SFAS 143
did not have a significant impact on the Company's financial statements.

      Effective July 1, 2002, the Company adopted SFAS No. 144, "Accounting for
the Impairment Or Disposal of Long Lived Assets," which is effective for
financial statements issued for fiscal years beginning after December 15, 2001.
There was no impact from the adoption of this statement.

      In April 2002, the FASB issued SFAS No. 145, "rescission of FASB
Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13 and Technical
Corrections. SFAS No. 145 provides guidance for income statement classification
of gains and losses of debt and accounting for certain lease modifications that
have economic effects that are similar to sale-leaseback transactions. SFAS No.
145 requires that gains and losses from extinguishment of debt be classified as
extraordinary items only if they meet the criteria in Accounting Principles
Board Opinion No. 30 ("Opinion No. 30"). SFAS No. 145 is effective for years
beginning after December 15, 2002. The Company is evaluating the impact of SFAS
No. 145.

                                       12
<PAGE>

      In June 2002, the FASB issued SFAS 146, "Accounting for Costs Associated
with Exit or Disposal Activities," which addresses financial accounting and
reporting for costs associated with exit or disposal activities and supersedes
EITF Issue 94-3, "Liability Recognition for Certain Employee Termination
Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred
in a Restructuring)." SFAS 146 requires that a liability for a cost associated
with an exit or disposal activity be recognized when the liability is incurred.
There was no impact from the adoption of this statement.

      On October 1, 2002, the FASB issued SFAS No. 147, "Acquisitions of Certain
Financial Institutes." SFAS No. 147 removes acquisitions of financial
institutions from the scope of FASB Statement No. 72, "Accounting for Certain
Acquisitions of Banking or Thrift Institutions", and FASB No. 9 "Applying APB
Opinion Nos. 16 and 17 "When a Savings and Loan Association or a Similar
Institution is Acquired in a Business Combination Accounted for by the Purchase
Method," and requires that those transactions be accounted for in accordance
with FASB Statements Nos. 141 and 142. There was no impact from the adoption of
this statement.

      In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock
Based Compensation", which amends SFAS No. 123 to provide alternative methods of
transaction for an entity that voluntarily changes to the fair value method of
accounting for stock based compensation. It also amends the disclosure
provisions of SFAS No. 123 to require prominent disclosure about the effects on
reported net income of an entity's accounting policy decisions with respect to
stock based employee compensation. Finally, SFAS No. 148 amends APB Opinion No.
28, "Interim Financial Reporting", to require disclosure of those effects in
interim financial statements. SFAS No. 148 is effective for fiscal years ended
after December 15, 2002, but early adoption is permitted. Accordingly, the
Company has adopted the applicable disclosure requirements of this Statement
within this report. The adoption of SFAS No. 148 is not expected to have a
significant impact on the Company's financial disclosures.

        In November 2002, the Financial Accounting Standards Board (FASB) issued
FASB Interpretation No. ("FIN") 45, "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others", which requires that guarantees within the scope of FIN 45 issued or
amended after December 31, 2002, a liability for the fair value of the
obligation undertaken in issuing the guarantee be recognized.
There was no impact from adoption FIN 45.

      In January 2003, the FASB issued FIN 46, "Consolidation of Variable
Interest Entities," which is effective for interim periods beginning after June
15, 2003. This Interpretation changes the method of determining whether certain
entities should be included in the Company's Consolidated Financial Statements.
An entity is subject to FIN 46 and is called a variable interest entity ("VIE")
if it has (1) equity that is insufficient to permit the entity to finance its
activities without additional subordinated financial support from other parties,
or (2) equity investors that cannot make significant decisions about the
entity's operations, or that do not absorb the expected losses or receive the
expected returns of the entity. All other entities are evaluated for
consolidation under SFAS No. 94, "Consolidation of All Majority-Owned
Subsidiaries." A VIE is consolidated by its primary beneficiary, which is the
party involved with the VIE that has a majority of the expected losses or a
majority of the expected residual returns or both. The Company is currently
evaluating the impact of FIN 46.


                                       13

<PAGE>

(3) Inventories

      Inventories as of June 30, 2002 consisted of the following:

                                      Current   Non-current     Total
                                      -------   -----------    --------

  Stamps                              $   692    $   100       $   792
  Sports Collectibles                   1,208        500         1,708
  Coins                                 9,438        350         9,788
  Art                                      50        250           300
  Other                                    37        200           237
                                      -------    -------       -------
                                      $11,425    $ 1,400       $12,825
                                      =======    =======       =======

Inventories as of March 31, 2003 consisted of the following:

                                      Current   Non-current     Total
                                      -------   -----------    --------

  Stamps                              $ 1,419    $   100       $ 1,519
  Sports Collectibles                     543        500         1,043
  Coins                                10,546        350        10,896
  Art                                      37        250           287
  Other                                    38        200           238
                                      -------    -------       -------
                                      $12,583    $ 1,400       $13,983
                                      =======    =======       =======


      The above inventory amounts reflect net realizable (LCM) allowances of
approximately $2,432 and $2,385 at June 30, 2002 and March 31, 2003,
respectively. The non-current inventory represents an estimate of total
inventory, which is not expected to be sold within one year.

           Inventories are stated at the lower of cost or market. In instances
where bulk purchases are made, the cost allocation is based on the relative
market values of the respective goods. The Company has agreements with certain
suppliers to share the net profits or losses attributable to the sale of
specific items of inventory.


(4) Related-party Transactions

      Certain directors of the Company provide legal, computer and consulting
services to the Company. Such expenditures were approximately $51 and $187 for
the three and nine months ended March 31, 2002 and $122 and $400 for the three
and nine months ended March 31, 2003, respectively of which $85 and $298 were
charged to operations in the three and nine months ended March 31, 2003
respectively.

      For the nine months ended March 31, 2002 and 2003, purchases of
approximately $3,180 and $4,612 respectively and sales of approximately $630 for
the nine months ended March 31, 2003 were made to a former stockholder of
Spectrum, who is a current stockholder of the Company. Additionally consulting
fees in the amount of $28 and $393 were paid to this party for the nine months
ended March 31, 2002 and 2003 respectively.

      For the three months ended March 31, 2003 the Company purchased from
Afinsa Bienes Tangibles, S.A. ("Afinsa"), which owns 43% of the outstanding
shares of the Company's common stock, stamp inventory in the amount of
approximately $193.

             During the three and nine months ended March 31, 2002, the Company
paid Mr. Manning approximately $0 and $32, respectively, of debt guarantee fees.
These fees totaled $0 for the three and nine months ended March 31, 2003.

                                       14

<PAGE>

      On June 17, 2002, the Company entered into an employment agreement with
Mr. Roberts, a director of the Company. In connection with the employment
agreement, the Company made available to Mr. Roberts a non-interest bearing loan
in the amount of $600. The loan is required to be repaid on an annual basis in
six equal installments commencing February 18, 2006; provided that if Mr.
Roberts is employed by the Company on the date that an installment is due, that
installment payment will be forgiven, and that if his employment is terminated
for death, disability, without cause or with good reason (as defined), then the
entire loan will be forgiven at the date of termination. If Mr. Roberts'
employment terminates for cause or without good reason, then the outstanding
amount of the loan will accelerate and be due and payable within 30 days of the
date of termination. An aggregate of $600 has been disbursed under the loan
agreement through the balance sheet date.

      During March 2003 the Company sold all of its outstanding interest in
GMAI-Asia.com to Afinsa for $2,035 which consisted of 8,140,000 shares of
GMAI-Asia.com common stock. Such amount is included in the accompanying
consolidated statement of operations as gain on sale of investee. At June 30,
2002 the Company maintained 45.2% ownership interest which was reduced to 8.2%
during fiscal 2003. The Company's portion of accumulated losses exceeded its
investment in GMAI-Asia.com and accordingly the investment was reduced to zero
as of June 30, 2001. The proceeds from this sale were used to pay off the
outstanding revolving line of credit with Afinsa.

(5) Debt

      The Company on April 17, 2003 entered into a revolving credit agreement
with Banco Santander Central Hispano, S.A. with a credit facility of up to
$2,500. Borrowings under this facility bear interest at a rate of prime plus
..25%. The agreement has been guaranteed by Afinsa and requires that Auctentia,
S.A. maintain at least 43% of all of authorized issued and outstanding shares of
voting stock of the Company. The agreement expires on April 12, 2004. The
agreement contains other standard agreements and covenants.

      The Company has a revolving credit agreement with Afinsa to provide the
Company with a credit facility of up to $2,000. Borrowings under this facility
bear interest at an annual rate of 8%. The agreement also provides that any
borrowings not repaid in accordance with the terms of the agreement may be
converted into GMAI stock at the discretion of Afinsa. All borrowings under this
agreement have been repaid. At June 30, 2002 and March 31, 2003, borrowing under
this facility totaled $1,400 and $0 respectively.

      The Company has a note payable collateralized by specific coin inventory
with an interest rate of 9% with quarterly payments of $500 commencing April
2002 until the note is repaid in June 2003. Total borrowing under this note
totaled $1,450 at June 30, 2002 and $675 at March 31, 2003.

      Additionally the Company obtained a secured loan from a privately held
capital coin fund which is due December 31, 2003. This loan is collateralized by
certain inventories and bears interest at a rate of 10% per annum. Borrowing
under this line of credit totaled $4,000 at June 30, 2002 and $4,000 at March
31, 2003.

      There is an advance from a consignor which was, upon settlement, converted
to a demand loan bearing an interest rate of 8% per annum in the amount of $140
at June 30, 2002 and March 31,2003. This loan was paid of on April 18, 2003.

      The Company also has a short term advance from a private investor in the
amount of $500 bearing an interest rate of 12%. The advance was repaid by April
28, 2003.

      The remaining notes payable consist of capital leases for the purchase of
equipment and they carry interest rates ranging from 13% to 21%. Total
borrowings under the leases totaled $183 and $156 at June 30, 2002 and March 31,
2003.

                                       15
<PAGE>

(6) Major Customers

      The Company had one major customer that accounted for approximately 14% of
total revenue during the nine months ended March 31, 2003 and 5% of accounts
receivable at March 31, 2003. Such customer has certain supply and sales
agreements with the Company. Major customers are considered to be those that
accounted for more than 10% of sales.


(7) Stock-Based Compensation

      The Company accounts for stock option plans under the recognition and
measurement principles of Accounting Principles Board Opinion No. 25,
"Accounting for Stock Issued to Employees," and related interpretations. No
stock-based employee compensation cost is reflected in net income (loss), as all
options granted under those plans had an exercise price equal to the market
value of the underlying common stock on the date of grant. In accordance with
SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and
Disclosure," the effect on net income (loss) and net income (loss) per share if
the Company had applied the fair value recognition provisions of SFAS No. 123,
"Accounting for Stock-Based Compensation," to stock-based employee compensation
is as follows:

                                           Three Months         Nine Months
                                              Ended                Ended
                                             March 31,           March 31,
                                        ------------------   -------------------
                                          2002      2003       2002      2003
                                        ------------------   -------------------

 Net income (loss) - as reported        $  (664)   $ 2,071   $(2,616)   $   764

Deduct:
Total stock-based employee
compensation expense determined
under fair value based method for
all awards, net of related tax
  effects                                   500      1,300     1,550      1,900
                                        -------    -------   -------    -------
Pro forma net income (loss)             $(1,164)   $   771   $(4,166)   $(1,136)
                                        =======    =======   =======    =======

Net income (loss) per share:
Basic and diluted earnings (loss)
  per share - as reported               $ (0.05)   $  0.16   $ (0.21)   $  0.06
Basic and diluted earnings (loss)
per share - proforma                    $ (0.09)   $  0.06   $ (0.34)   $ (0.09)
                                        =======    =======   =======    =======


(8) Stock Option Exchange Offer

      On July 2, 2002, the Company commenced a tender offer to certain eligible
employees to exchange outstanding options to purchase shares of the Company's
common stock granted under the GMAI 1997 Stock Incentive Plan that had an
exercise price of $2.00 or more, for new options to purchase shares of the
Company's common stock to be granted under the 1997 Plan on or about February 4,
2003. The offer expired on July 30, 2002. Pursuant to the terms and conditions
of the offer, the Company accepted for exchange on July 31, 2002 tendered old
options exercisable for a total of 1,380,375 shares of common stock and canceled
all such old options. Subject to the terms and conditions of the offer, the
Company granted new options to purchase a total of 1,380,375 shares of common
stock on February 4, 2003. The exercise price of the new options was $2.00 which
was the closing price of the Company's common stock as reported on the NASDAQ
National Market on the date of grant.

                                       16
<PAGE>

(9) Earnings (loss) per share

The following table sets forth the computations of basic earnings (loss) per
share and diluted earnings (loss) per share:


                                          Three Months           Nine Months
                                             Ended                 Ended
                                            March 31,             March 31,
                                     --------------------   --------------------
                                       2002        2003        2002       2003
                                     --------------------   --------------------
 BASIC EARNINGS (LOSS) PER SHARE:

 Numerator:

 Earnings  (loss) available to
   common stockholders               $   (664)   $  2,071   $ (2,616)   $    764

Denominator:
Weighted average common shares
 outstanding                           12,695      12,704     12,323      12,704

Net earnings  (loss) per share: -
 Basic                                  (0.05)       0.16      (0.21)       0.06
                                     ========    ========   ========    ========

DILUTED EARNINGS (LOSS) PER SHARE:
 Numerator:
 Earnings  (loss) available to
   common stockholders               $   (664)   $  2,071     (2,616)        764

Denominator:
Weighted average common shares
 outstanding                           12,695      12,704     12,323      12,704

Effect of dilutive securities -
 stock options                           --           114       --            54
                                     --------    --------   --------    --------
Weighted average common shares           --
 assuming dilution                     12,695      12,818     12,323      12,758

Net earnings  (loss) per share: -
  Diluted                               (0.05)       0.16      (0.21)       0.06
                                     ========    ========   ========    ========



                                       17

<PAGE>

(10) Supplementary Cash Flow Information

      Following is a summary of supplementary cash flow information:

                                Nine Months Ended
                                    March 31,
                                 (in thousands)

                                                          2002       2003
                                                         ------     ------

Interest paid                                             $603       $663
Income taxes paid                                           16        --

Summary of significant non-cash transactions:

Options issued relating to
Professional services                                      256       $--


(11) Potential Acquisition and Other Transactions - Related Party

      On January 23, 2003, the Company and Auctentia, S.L., a wholly owned
subsidiary of Afinsa Bienes Tangibles, S.A., signed a definitive agreement,
based on a June 17, 2002 letter of intent, for the acquisition by GMAI of
Auctentia Subastas, S.L. of Spain, a majority interest in Corinphila Auktionen
AG of Switzerland, and the Kohler group of auction companies of Germany, in
exchange for the issuance of 3,729,226 shares of common stock. In addition, on
that date the Company entered into two separate agreements to acquire from
Auctentia, through the purchase of the entire equity interest of a wholly owned
subsidiary, an inventory of stamps valued at approximately $10,150,000 and fine
art valued at approximately $1,250,000, in exchange for the issuance of
6,444,318 shares of stock; and also to issue 2,826,456 shares of stock to
Auctenta for $5,000,000 in cash.

      The issuance of shares by the Company is subject to shareholder approval,
as well as other customary conditions. Shareholders holding approximately 60% of
the outstanding shares of the Company have agreed, subject to certain
conditions, to vote in favor of these transactions. The closing of each of these
transactions, which is not conditioned upon the closing of the others, is
expected to occur shortly after all necessary approvals are obtained.

                                       18
<PAGE>

      Currently Auctentia and its affiliates hold approximately 43% of GMAI's
outstanding shares. If all three of the above transactions are consummated,
Auctentia and its affiliates will own approximately 72% of the Company's stock.

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

      This Report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including, without limitation, statements regarding the
Company's expectations, beliefs, intentions or future strategies that are
signified by the words "expects", "anticipates", "intends", "believes", or
similar language. All forward-looking statements included in this document are
based on information available to the Company on the date hereof, and the
Company assumes no obligation to update any such forward-looking statements.
Actual results could differ materially from those projected in the
forward-looking statements. In evaluating the Company's business, prospective
investors should carefully consider the information set forth below, and in the
Company's Form 10-K, and in its Proxy Statement, filed with the Securities and
Exchange Commission on October 25, 2002 in addition to the other information set
forth herein. The Company cautions investors that its business and financial
performance are subject to substantial risks and uncertainty.


Results of Operations (Amounts in thousands except as noted or per share
information)

General

      The Company operates in one segment consisting of various collectibles,
which are summarized in the accompanying table:

                                             For the Nine Months Ended
                                   ---------------------------------------------
                                          March 31,              Percentages
                                   ------------------------   ------------------
                                       2002       2003         2002        2003
                                     -------     ------       -------    -------
 Aggregate Sales                      71,467     84,005         100%        100%
                                     =======     ======      ======      ======
By Source:
    A. Auction                        16,137     15,559          23%         19%
    B. Sales of Inventory             55,330     68,446          77%         81%
                                      ------     ------      ------      ------
                                      71,467     84,005         100%        100%
                                      ======     ======      ======      ======

By Market:
    Philatelics                        7,674     10,929          11%         13%
    Numismatics                       55,791     70,602          78%         84%
    Sports Collectibles                2,743      2,338           4%          3%
    Art                                   36         42           0%          0%
    Other Collectibles                 5,223         94           7%          0%
                                      ------     ------      ------      ------
                                      71,467     84,005         100%        100%
                                      ======     ======      ======      ======

      Aggregate sales consist of the aggregate proceeds realized from the sale
of property, which include the Company's commissions when applicable. Property
sold by the Company is either consigned to it by the owner of the property, or
is owned by the Company directly. Aggregate sales of the Company's inventory are
classified as such without regard as to whether the inventory was sold at
auction or directly to a customer. Aggregate sales by auction and by private
treaty represent the sale of property consigned by third parties.

      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 5% to 15%
(although the commission may be slightly lower on high value properties) and a
commission of 10% to 15% from the buyers.

                                       19
<PAGE>

      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 nine months ended March 31, 2002 and 2003. 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.

Three months ended March 31, 2003
Compared with the three months ended March 31, 2002

      The Company recorded an increase in net revenues of approximately $4,542
(20%) from approximately $22,053 for the three months ended March 31, 2002 to
approximately $26,595 for the three months ended March 31, 2003.

      Sales of owned inventory increased during the current period by
approximately $4,655 (22%) and commissions earned decreased $113 (10%). The
majority of the increase in sales of owned inventory was the result of increased
coin sales of $4,169, which included approximately $3,677 of sales to its major
customer with the remaining increase reflecting a general increase in the market
for collectible coins. This increase was augmented by an increase of sales of
stamps of approximately $718 in the quarter ended March 31, 2003. There was a
minor decrease in the sale of sports for the quarter ended March 31, 2003 as
compared to the quarter ended March 31, 2002.

      Gross profit increased approximately $559 (21%) from approximately $2,650
for the three months ended March 31, 2002 to approximately $3,209 for the three
months ended March 31, 2003. Gross profit margins were 12% for the three months
ended March 31, 2002 and 2003, respectively.

      The Company's operating expenses increased approximately $54 (2%) during
the three months ended March 31, 2003 as compared to the same period in the
prior year. Marketing expenses increased approximately $33 (8%), depreciation
and amortization decreased approximately $222 (65%), salaries and wages
increased approximately $139 (13%) and general and administrative expenses
increased approximately $104 (9%). The increase in costs particularly salaries
were due to the Company looking to expand the coin and stamp sales into new
areas and the increase in overall revenue was reflective of that investment.

      These increased costs, although relatively minor, in combination with the
large revenue increase, had the effect of decreasing operating costs as a
percentage of operating revenue from 12% during the three months ended March 31,
2002 to 10% for the same period ended March 31, 2003. As compared to aggregate
sales, these costs decreased slightly from 11% in March 2002 to 10% in 2003.

      Interest expense (net of interest income) for the three months ended March
31, 2003 increased approximately $5 from approximately $160 to approximately
$165.

      The Company's effective tax rates for the three month periods ended March
31, 2002 and 2003 were approximately 0%, respectively. The rate is based on a
full valuation allowance provided for all deferred tax attributes. This rate may
change during the remainder of 2003 if operating results or acquisition related
costs differ significantly from current projections.

      The Company's increase in operating profit of approximately $505 in
addition to the gain of $2,035 for the sale of its investment in GMAI -Asia to
Afinsa (related party) and offset by an increase in interest expense net of
interest income of approximately $5 resulted in a net gain before income taxes
of approximately $2,535 for the current three month period as compared to the
three months ended March

                                       20
<PAGE>

31, 2002, from a loss of approximately $464 to a profit of approximately $2,071
for the three months ended March 31, 2002 and 2003, respectively.

Nine months ended March 31, 2003
Compared with the nine months ended March 31, 2002

      The Company recorded an increase in net revenues of approximately $13,195
(23%) from approximately $58,169 for the nine months ended March 31, 2002 to
approximately $71,364 for the nine months ended March 31, 2003.

      Sales of owned inventory increased during the current period by
approximately $13,116 (24%) and commissions earned increased $79 (3%). The
entire increase in sales of owned inventory was the result of increased coin
sales of $14,811, which included approximately $10,345 of sales to its major
customer with the remaining increase reflecting a general increase in the market
for collectible coins. There was also an increase of approximately $3,255 in
sales of stamps due in large part to stronger stamp sales particularly in the
3rd quarter. There was a reduction in other collectibles of approximately $5,129
from the nine months ended March 31, 2002 versus the nine months ended March 31,
2003 due to the sale of the Comic division in the 2nd quarter of fiscal 2002.
There was also a small decrease in the sale of sports memorabilia, which was
reflective of the general slow down in that market.

      Gross profit increased approximately $874 (12%) from approximately $7,235
for the nine months ended March 31, 2002 to approximately $8,109 for the nine
months ended March 31, 2003. Gross profit margins decreased from 12% to 11% for
the nine months ended March 31, 2002 and 2003, respectively.

      The Company's operating expenses decreased approximately $97 (1%) during
the nine months ended March 31, 2003 as compared to the same period in the prior
year. Marketing expenses increased approximately $64 (6%), depreciation and
amortization decreased approximately $681 (65%), salaries and wages increased
approximately $240 (7%) and general and administrative expenses increased
approximately $280 (8%). The increase in costs particularly salaries was due to
the Company looking to expand the coin and stamp sales into new areas.

      These decreased costs, in combination with revenue increases, had the
effect of decreasing operating costs as a percentage of operating revenue from
15% during the nine months ended March 31, 2002 to 12% for the same period ended
March 31, 2003. As compared to aggregate sales, these costs decreased from 12%
for the nine months ended March 31, 2002 to 11% for the nine months ended March
31, 2003.

      Interest expense (net of interest income) for the nine months ended March
31, 2003 increased approximately $76 from approximately $473 to approximately
$549.

      The Company's effective tax rates for the nine month period ended March
31, 2002 and 2003 were approximately 0%, respectively. The rate is based on a
full valuation allowance provided for all deferred tax attributes. This rate may
change during the remainder of 2003 if operating results or acquisition related
costs differ significantly from current projections.

      The Company's decrease in operating losses of approximately $971, offset
by an increase in interest expense net of interest income of approximately $76
and with an increase of $2,035 for the sale of its investment in GMAI-Asia to
Afinsa (a related party) in the nine months ended March 31,2003 as opposed to a
$250 expense for GMAI-Asia in the nine months ended March 31,2002, resulted in
an increase in profitability before income taxes of approximately $3,180, from a
loss of approximately $2,416 to a profit of approximately $764 for the nine
months ended March 31, 2002 and 2003, respectively.

                                       21
<PAGE>

 Liquidity and Capital Resources

      At March 31, 2003, the Company's working capital position was
approximately $6,893 compared to approximately $6,541 as of June 30, 2002.This
net decrease of approximately $169 was primarily due to increases in prepaid
expenses of approximately $506, increases in inventory of approximately $1,158,
a decrease in demand notes payable of approximately $1,260 and an increase in
loans receivable - related party of $600. These gains were offset by an increase
in accounts payable of approximately $2,459.

      The Company experienced an increase in cash flow from investing activities
for the nine months ended March 31, 2003 of approximately $1,654. This was
primarily attributable to the proceeds from the sale of an investee to Afinsa (a
related party) of $2,035 with a decrease as a result of a loan to a related
party of $600 and the acquisition of property and equipment and other purchased
intangibles during the year.

      The Company experienced a decrease in cash flow from financing activities
for the nine months ended March 31, 2003 as compared to the nine months ended
March 31, 2002 of approximately $3,952. This was primarily to a decrease of
demand notes payable and loans payable of $1,700 in the nine months ended March
31, 2003 as opposed to a net increase of $306 in the nine months ended March 31,
2002. Additionally there were proceeds from the sale of common shares of $1,950
in the nine months ended March 31, 2002 with $0 proceeds in the nine months
ended March 31, 2003.

      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.

Risk Factors

      From time to time, information provided by the Company, including but not
limited to statements in this report, or other statements made by or on behalf
of the Company, may contain "forward-looking" information within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements involve a number of risks and
uncertainties. The Company's actual results could differ materially from those
discussed in the forward-looking statements. The cautionary statements set forth
below identify important factors that could cause actual results to differ
materially from those in any forward-looking statements made by or on behalf of
the Company:

                                       22
<PAGE>

     o    The Company incurred a net loss of $13,177 for the fiscal year ended
          June 30, 2002. The Company is seeking to reduce operating expenses,
          optimize profitability and align resources with long-term business
          growth strategies, as well as to explore new sources of collectibles
          in an effort to increase margins and revenues from commissions. There
          can be no assurance, however, that these steps (or any others) will
          result in a significant improvement in the Company's financial
          condition, on either a short or long-term basis particularly in light
          of generally unfavorable economic conditions and changes in the
          collectibles marketplace.

     o    There can be no assurance that the proposed transactions with
          Auctentia, S.L., as described above, will be consummated. The failure
          to consummate any of such transactions could have a material adverse
          effect on the business and operations of the Company.

     o    If the revenue of the Company fails to offset operating expenses in
          the future, the Company may be required to fund future operations
          through the sale of additional common stock, which could cause the
          market price of the stock to decline, as well as have a dilutive
          effect on the value of the common stock currently outstanding.

     o    The Company's debt agreements expire at various times during the next
          twelve months. The Company has previously been able to refinance or
          renegotiate these agreements in the past. There can be no assurance
          that the Company will be able to accomplish this in the future.

     o    At times there may be a limited supply of collectibles available for
          sale by the Company, and such supply varies from time to time. While
          the Company generally has not experienced a lack of collectibles that
          has prevented it from conducting appropriately sized auctions on an
          acceptable schedule, no assurance can be given that the Company will
          be able to obtain consignments of suitable quantities of collectibles
          in order to conduct auctions of the size, and at the times, the
          Company may desire in the future. The Company's inability to do so
          would have a material adverse effect on the Company.

     o    The development and success of the Company's business has been and
          will continue to be dependent substantially upon its President and
          Chief Executive Officer, Greg Manning. The unavailability of Mr.
          Manning, for any reason, would have a material adverse effect upon the
          business; operations and prospects of the Company if a suitable
          replacement were not engaged.

     o    The development and success of Spectrum Numismatics, Inc's business
          has been and will continue to be dependent substantially upon its
          President, Greg Roberts. The unavailability of Mr. Roberts, for any
          reason, would have a material adverse effect upon the business;
          operations and prospects of the Company if a suitable replacement were
          not engaged.

     o    The business of selling stamps, coins, and other collectibles at
          auction and in retail sales is highly competitive. The Company
          competes with a number of auction houses and collectibles companies
          throughout the United States and the world. While the Company believes
          that there is no dominant company in the stamp auction or collectibles
          business in which it operates, there can be no assurances that other
          companies with greater financial and other resources and name
          recognition will not enter the market.

                                       23
<PAGE>

     o    The Company may be adversely affected by the loss of a major customer.

     o    The Company may be adversely affected by the costs and other effects
          associated with (i) legal and administrative cases and proceedings;
          (ii) settlements, investigations, claims and changes in those items;
          and (iii) adoption of new, or changes in, accounting policies and
          practices and the application of such policies and practices.

     o    The Company's operations may be adversely affected by governmental
          regulation and taxation of the Internet, which is subject to change. A
          number of legislative and regulatory proposals under consideration by
          federal, state, local and foreign governmental organizations may
          result in there being enacted laws concerning various aspects of the
          Internet, including online content, user privacy, access charges,
          liability for third-party activities, and jurisdictional issues. These
          laws could harm our business by increasing the Company's cost of doing
          business or discouraging use of the Internet.

     o    The Company's business will be adversely affected if use of the
          Internet by consumers, particularly purchasers of collectibles, does
          not continue to grow. A number of factors may inhibit consumers from
          using the Internet. These include inadequate network infrastructure,
          security concerns, inconsistent quality of service and a lack of
          cost-effective high-speed service. Even if Internet use grows, the
          Internet's infrastructure may not be able to support the demands
          placed on it by this growth and its performance and reliability may
          decline. In addition, many Web sites have experienced service
          interruptions as a result of outages and other delays occurring
          throughout the Internet infrastructure. If these outages or delays
          occur frequently in the future, use of the Internet, as well as use of
          the Company's Web sites, could grow more slowly or decline.

     o    In addition, the tax treatment of the Internet and electronic commerce
          is currently unsettled. A number of proposals have been made that
          could result in Internet activities, including the sale of goods and
          services, being taxed. The U.S. Congress has passed the Internet Tax
          Information Act, which placed a moratorium on new state and local
          taxes on Internet commerce through November 1, 2003. There may,
          however, be enacted in the future laws that change the federal, state
          or local tax treatment of the Internet in a way that is detrimental to
          our business.

     o    Some local telephone carriers claim that the increasing popularity of
          the Internet has burdened the existing telecommunications
          infrastructure and that many areas with high Internet use are
          experiencing interruptions in telephone service. These carriers have
          petitioned the Federal Communications Commission to impose access fees
          on Internet service providers. If these access fees are imposed, the
          cost of communicating on the Internet could increase, and this could
          decrease the demand for the Company's services and increase its cost
          of doing business.

     o    The Company holds rights to various Web domain names. Governmental
          agencies typically regulate domain names. These regulations are
          subject to change. The Company may not be able to acquire or maintain
          appropriate domain names in all countries in which it or its
          affiliates do business. Furthermore, regulations governing domain
          names may not protect the Company's trademarks and similar proprietary
          rights. The Company may be unable to prevent third parties from

                                       24
<PAGE>

          acquiring domain names that are similar to, infringe upon or diminish
          the value of the Company's trademarks and other proprietary rights.

     o    The Company cannot accurately forecast revenues of its business. The
          Company may experience significant fluctuations in its quarterly
          operating results. Future fluctuations in operating results or revenue
          shortfalls could adversely affect the success of the Company.

     o    The popularity of collectibles could decline. This could affect the
          market value of inventory the Company currently holds or may hold in
          the future.

     o    The Company's future results of operations could be adversely affected
          by changes in accounting standards promulgated by the Financial
          Accounting Standards Board, the Securities and Exchange Commission,
          and the American Institute of Certified Public Accountants.



This list should not be considered an exhaustive statement of all potential
risks and uncertainties.



                                       25

<PAGE>

Item 3. Quantitative and Qualitative Disclosures About Market Risk

      Market risk represents the risk of loss that may impact the financial
position, results of operations or cash flows of the Company due to adverse
changes in financial market prices, including interest rate risk, foreign
currency exchange rate risk, investment risk, commodity price risk and other
relevant market rate or price risks.

      The Company currently has no activities that would expose it to interest
rate or foreign currency exchange rate risks.

Investment Risk. The Company maintains investments in equity instruments of
public and privately held companies for business and strategic purposes. These
investments are included in marketable securities and other long-term assets and
are accounted for under the cost method when ownership is less than 20% and the
Company does not have the ability to exercise significant influence over
operations. For these investments, the Company's policy is to regularly review
the assumptions underlying the operating performance and cash flow forecasts in
assessing the carrying values. The Company identifies and records impairment
losses on long-lived assets when events and circumstances indicate that such
assets might be impaired.

Commodity Price Risk. The Company may, at times, be exposed to commodity price
risk on certain inventory products. The Company historically and currently has
not experienced any significant commodity price risks.

Item 4. Controls and Procedures

      The Company maintains disclosure controls and procedures that are designed
to ensure that information required to be disclosed in the Company's Exchange
Act reports is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is
accumulated and communicated to the Company's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. Within 90 days prior to the date of
this report, the Company carried out an evaluation, under the supervision and
with the participation of the Company's management, including the Company's
Chief Executive Officer along with the Company's Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures pursuant to Exchange Act Rule 13a-14.

      Based upon the foregoing, the Company's Chief Executive Officer along with
the Company's Chief Financial Officer concluded that the Company's disclosure
controls and procedures are effective. There have been no significant changes in
the Company's internal controls or in other factors that could significantly
affect internal controls subsequent to the date the Company completed its
evaluation.



                                       26

<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



                                       27
<PAGE>

            None

Item 5. Other Information.

            None

Item 6. Exhibits and Reports on Form 8-K

            (a) Exhibits

            Exhibit 99.1: Certification Pursuant to 18 U.S.C. Section 1350, as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
            filed herewith.

            Exhibit 99.2: Certification Pursuant to 18 U.S.C. Section 1350, as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
            filed herewith.


            (b) Reports on Form 8-K

                  Report on Form 8-K, filed with the Securities and Exchange
                  Commission on January 23, 2003.




                                       28
<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:  May 9, 2003
                                    /s/ Greg Manning
                                   -------------------------------------
                                   Greg Manning
                                   Chairman and Chief Executive Officer



                                    /s/ Larry Crawford
..                                   ------------------------------------
                                    Larry Crawford
                                    Chief Financial Officer



                                       29

<PAGE>

                           GREG MANNING AUCTIONS, INC.
                 SARBANES-OXLEY ACT SECTION 302(a) CERTIFICATION

I, Greg Manning, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of Greg Manning
          Auctions, Inc.;

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and we have:

          a)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          b)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent function):

          a)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and b) any fraud, whether or not
               material, that involves management or other employees who have a
               significant role in the registrant's internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.

Dated:   May 9, 2003

                                    /s/ Greg Manning
                                    -----------------------------------
                                    Greg Manning, President and Chief
                                    Executive Officer

                                       30
<PAGE>


I, Larry Crawford, certify that:

     1.   I have reviewed this quarterly report on Form 10-Q of Greg Manning
          Auctions, Inc.

     2.   Based on my knowledge, this quarterly report does not contain any
          untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this quarterly report, fairly present in all
          material respects the financial condition, results of operations and
          cash flows of the registrant as of, and for, the periods presented in
          this quarterly report;

     4.   The registrant's other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as
          defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
          and we have:

          d)   designed such disclosure controls and procedures to ensure that
               material information relating to the registrant, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               quarterly report is being prepared;

          e)   evaluated the effectiveness of the registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          f)   presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed, based
          on our most recent evaluation, to the registrant's auditors and the
          audit committee of registrant's board of directors (or persons
          performing the equivalent function):

          b)   all significant deficiencies in the design or operation of
               internal controls which could adversely affect the registrant's
               ability to record, process, summarize and report financial data
               and have identified for the registrant's auditors any material
               weaknesses in internal controls; and b) any fraud, whether or not
               material, that involves management or other employees who have a
               significant role in the registrant's internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly affect
          internal controls subsequent to the date of our most recent
          evaluation, including any corrective actions with regard to
          significant deficiencies and material weaknesses.

Dated:   May 9, 2003

                                    /s/ Larry Crawford
                                    ----------------------------------------
                                    Larry Crawford, Executive Vice President
                                    and Chief Financial Officer



                                       31