SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

For the quarterly period ended September 30, 1999

                                   OR

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

For the transition period ________ to ________


                         Commission file number 1-11988


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


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


       775 Passaic Avenue
       West Caldwell, New Jersey                        07006
(Address of principal executive office                (Zip Code)


Issuer'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  November  8,  1999,  Issuer  had  6,860,245  shares of its  Common  Stock
outstanding.

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






<PAGE>



                           GREG MANNING AUCTIONS, INC.

                         PART I - FINANCIAL INFORMATION


Item 1. Financial Statements (Unaudited)

   Table of Contents                                             Page Number

Consolidated Balance Sheet - September 30, 1999 (Unaudited)           3

Consolidated Statements of Operations and Retained Earnings -         4
Three months ended September 30, 1998 and 1999 (Unaudited)

Consolidated Statements of Cash Flows -                               5
Three months ended September 30, 1998 and 1999 (Unaudited)

Consolidated Statement of Comprehensive Income                        6
Three months ended September 30, 1998 and 1999 (Unaudited)

Notes to Consolidated Financial Statements                            7
as of September 30, 1999

Item 2.  Management's Discussion and Analysis                        11



<PAGE>



                                        GREG MANNING AUCTIONS, INC.
                                        Consolidated Balance Sheet
                                            September 30, 1999


                                        Assets
Current Assets
     Cash and cash equivalents                                     $348,046
     Accounts receivable
         Auctions receivable                                      6,889,552
         Auctions receivable-related party                          850,000
         Advances to consignors                                   3,427,233
     Inventory                                                    6,627,510
     Deferred tax asset                                             746,788
     Prepaid expenses and deposits                                  379,172
                                                       ---------------------
               Total current assets                              19,103,563

Property and equipment, net                                         781,041
Goodwill                                                          4,445,038
Customer Lists                                                      331,667
Trademarks                                                        2,862,500
Investment in Joint Venture                                         382,409
Other non-current assets
     Deferred Tax Asset                                             823,000
     Inventory                                                      900,000
     Advances to consignors                                         713,612
     Other                                                          405,882
                                                       ---------------------
         Total assets                                           $30,748,712
                                                       =====================

                         Liabilities and Stockholders' Equity
Current liabilities:
     Demand notes payable                                        $3,662,000
     Notes payable                                                2,156,869
     Payable to third party consignors                            2,843,463
     Accounts payable                                               989,394
     Accrued expenses                                             1,593,013
                                                       ---------------------
          Total current liabilities                              11,244,739
     Notes payable - long term                                      678,496
                                                       ---------------------
         Total liabilities                                       11,923,235
                                                       ---------------------

Preferred stock, $.01 par value. Authorized
     10,000,000 shares; none issued.                                      0
Common stock, $.01 par value. Authorized
     20,000,000 shares; 6,822,745 issued                             68,228
Additional paid in capital                                       18,000,279
Retained earnings                                                   756,970
                                                       ---------------------
     Total stockholders' equity                                  18,825,477
                                                       =====================
     Total liabilities and stockholders' equity                 $30,748,712
                                                       =====================


                              See accompanying notes to financial statements
<PAGE>

                               GREG MANNING AUCTIONS, INC.
                         Consoldiated Statements of Operations

                                              Three Months Ended September 30,
                                           ------------------------------------
                                                  1998              1999
                                           ------------------- ----------------

Operating Revenues
     Sales of merchandise                        $   996,629   $  2,378,389
     Commissions earned                              601,449      1,264,106
                                           ------------------- ----------------
                                                   1,598,078      3,642,495

Operating Expenses
     Cost of merchandise sold                        722,166      1,858,199
     General and administrative                      859,771      2,153,793
     Marketing                                       132,218        523,928
                                           ------------------- ----------------
        Operating loss                              (116,077)      (893,425)

Other income (expense)
     Gain on sale of marketable securities           556,817         14,494
     Interest income                                  96,642        224,286
     Interest expense                               (102,690)      (170,832)
     Loss from operations of joint venture                          (59,313)
                                           ------------------- ----------------
        Income (loss) before income taxes            434,692       (884,790)
Provision for (benefit from) income taxes            225,071       (407,786)
                                           ------------------- ----------------
Net Income (loss)                                $   209,621     $ (477,004)
                                           =================== ================
  Basic Earnings (loss) per share
     Weighted average shares outstanding            4,419,997     6,781,941
                                           =================== ================
     Basic Earnings (loss) per share              $    0.05       $ (0.07)
                                           =================== ================
 Diluted Earnings (loss) per share
     Weighted average shares outstanding            4,796,528     6,781,941
                                           =================== ================
     Basic Earnings (loss) per share             $    0.04        $ (0.07)
                                           =================== ================

                     See accompanying notes to financial statements


<PAGE>

<TABLE>
<CAPTION>


                                            GREG MANNING AUCTIONS, INC.
                                   Consolidated Statement of Stockholders' Equity
                                        Three months ended September 30, 1999


                                             Common Stock
                                     ----------------------------    Additional                          Total
                                        Number of        Par           Paid-in        Retained        Stockholders'
                                        Shares          Value          Capital        Earnings           Equity
                                      -------------  -------------  ---------------  -------------   -----------------
<S>                                     <C>             <C>          <C>            <C>                  <C>

Balance June 30, 1999                   6,495,622       $ 67,810     $ 17,862,548   $ 1,233,974          $19,164,332

 Options Exercised                         41,750            418           86,481                             86,899

 Income Tax Benefit from
   Exercise of stock options                                               51,250                             51,250

 Shares issued *                          285,373                                                                 -

 Net loss September 30, 1999                                                           (447,004)           (447,004)
                                     -------------  -------------  ---------------  -------------   -----------------
  Balance September 30, 1999             6,822,745       $ 68,228    $ 18,000,279     $ 756,970          $18,825,477
                                     =============  =============  ===============  =============   =================
</TABLE>


                         See accompanying notes to financial statements


* See Note 6

<PAGE>

<TABLE>
<CAPTION>


                                            GREG MANNING AUCTIONS, INC.
                                       Consolidated Statements of Cash Flows

                                                                              Three Months Ended September 30,
                                                                              1998                      1999
                                                                        ------------------       -------------------
<S>                                                                            <C>                     <C>

 Cash flows from operating activities :
       Net Income (loss)                                                       $  209,621              $  (447,003)
       Adjustments to reconcile net income to net cash
       from operating activities:
           Depreciation and amortization                                           90,655                   293,421
           Gain on sale of marketable securities                                 (556,817)                  (14,494)
           Deferred tax expense (benefit)                                            -                     (407,786)
           Equity in earnings of investment in joint venture                                                 59,313
           (Increase) decrease in assets:
              Auctions receivable                                               2,413,724                  (165,214)
              Advances to consignors                                              635,277                  (389,757)
              Inventory                                                         (378,360)                  (451,382)
              Prepaid expenses and deposits                                       25,122                     68,631
              Other assets                                                      (246,060)                   (12,866)
           Increase (decrease) in liabilities:
              Payable to third-party consignors                               (2,333,433)                  (437,921)
              Accounts payable                                                   (20,542)                  (846,122)
              Accrued expenses and other liabilities                            (219,401)                  (166,116)
              Income taxes payable                                                225,071                      -
                                                                        ------------------       -------------------
                                                                                (155,143)                (2,937,297)
 Cash flows from investing activities:
       Capital expenditures for property and equipment                           (30,126)                  (177,657)
       Additional goodwill                                                       (18,296)
       Investment in joint venture                                                   -                      (19,360)
       Proceeds from sale of marketable securities                                621,439                    15,649
                                                                        ------------------       -------------------
                                                                                  573,017                  (181,368)
 Cash flows from financing activities:
       Net proceeds from (repayment of) demand notes payable                       57,000                   (40,000)
       Repayment of loans payable                                               (147,070)                    16,181
       Repayment of term notes payable                                          (738,000)
       Proceeds from stock subscription receivable                                   -                    3,000,000
       Proceeds from exercise of options                                             -                       86,897
                                                                        ------------------       -------------------
                                                                                 (828,070)                3,063,078
 Net change in cash and cash equivalents                                        (410,196)                   (65,586)
 Cash and cash equivalents at beginning of period                                 603,628                   413,633
                                                                        ------------------       -------------------
  Cash and cash equivalents at end of period                                   $  193,432               $   348,046
                                                                        ==================       ===================
</TABLE>

                             See accompanying notes to financial statements


<PAGE>



                             GREG MANNING AUCTIONS, INC.
                         Statements of Comprehensive Income

                                         Three months ended September 30,
                                            1998               1999
                                      --------------------------------------
Net Income (loss)                            $ 209,621       $ ( 477,004)

Other comprehensive income (loss)
    Unrealized gains on securities             296,534              -
    Less:
    reclassification adjustment for gains
    included in net income                    (334,090)             -
                                       ======================================
Comprehensive income (loss)                  $ 172,065       $ ( 447,004)
                                       ======================================



                 See accompanying notes to financial statements


<PAGE>



(1)  Organization, Business and Basis of Presentation

         Greg  Manning   Auctions,   Inc.,   together   with  its  wholly  owned
subsidiaries Ivy & Mader Philatelic Auctions, Inc. Greg Manning Galleries, Inc.,
and Teletrade,  Inc.  (collectively,  the "Company"),  is a public auctioneer of
collectibles including rare stamps, stamp collections and stocks, sports trading
cards and  memorabilia,  movie posters,  fine art, rare coins,  diamonds,  comic
books,  Hollywood and Rock and Roll memorabilia.  The Company conducts both live
auctions and auctions via the Internet, bringing together purchasers and sellers
located  throughout the world. The Company accepts property for sale at auctions
from sellers on a consignment  basis,  and earns a commission  on the sale.  The
Company also sells  collectibles  by private treaty for a commission,  and sells
its own inventory at auction, wholesale and retail.

         The  accompanying  consolidated  balance sheet as of September 30, 1999
and related consolidated  statements of operations,  stockholders' Eequity, cash
flows and comprehensive  income for the three month periods then ended have been
prepared  from the books and records  maintained  by the Company,  in accordance
with generally accepted accounting  principles for interim financial information
and with the  instructions  to Form  10-QSB and Item  310(b) of  Regulation  SB.
Accordingly,  they do not include all information  and  disclosures  required by
generally accepted accounting principles for complete financial  statements.  In
the opinion of  management,  all  adjustments,  which are of a normal  recurring
nature,  considered  necessary for a fair presentation  have been included.  For
further  information,   refer  to  the  consolidated  financial  statements  and
disclosures  thereto in the  Company's  Form  10-KSB for the year ended June 30,
1999 filed with the Securities and Exchange Commission.

         In July 1999, the Company and Afinsa Bienes Tangibles, S.A. ("Afinsa"),
a  16%   shareholder   of  the  Company,   formed  a  joint   venture  known  as
GMAI-EUROPE.COM to conduct Internet auction and retail sales in Europe through a
newly  established  Madrid,  Spain office.  A definitive  agreement is currently
being prepared.  The Company will have a 50% investment in GMAI-EUROPE.COM which
will be accounted for under the Equity method of accounting.

(2) Summary of Certain Significant Accounting Policies

Revenue Recognition

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

         In  addition  to auction  sales,  the  Company  also sells via  private
treaty.  This occurs when an owner of property arranges with the Company to sell
such  property  to a third  party at a  privately  negotiated  price.  In such a
transaction,  the owner may set selling price parameters for the Company, or the
Company may solicit selling prices for the owner,  and the owner may reserve the
right to reject any selling price.  The Company does not guarantee a fixed price
to the owner,  which  would be payable  regardless  of the  actual  sales  price
ultimately received.  The Company recognizes as private treaty revenue an amount
equal to a percentage of the sales price.
<PAGE>
         The Company  also sells its own  inventory  at auction,  wholesale  and
retail. Revenue with respect to inventory at auction is recognized when sold and
for wholesale or retail sales,  revenue is recognized when delivered or released
to the customer or to a common carrier for delivery.

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

Principles of Consolidation

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

Business Segment

         The company  operates in one segment,  the auctioning or private treaty
sale of rare  stamps  and  other  collectibles.  Set  forth  below is a table of
aggregate sales of the Company, subdivided by source and market:

                                  For the three months ended
                    -----------------------------------------------------------
                               September 30,                   Percentages
                    ------------------------------    -------------------------
                            1998             1999            1998         1999
                    --------------   -------------    -----------  ------------
Aggregate Sales    $     4,482,208    $  10,067,884           100%          100%
                ==================================    =========================
 By source:
  A. Auction       $     3,485,579    $   7,689,495            78%           76%
  B. Sales of inventory    996,629        2,378,389            22%           24%
                ----------------------------------    -------------------------
 By market:
  A. Philatelics   $     4,289,936   $    3,503,529            96%           35%
  B. Sports Collectibles   192,272        2,213,660             4%           22%
  C. Numismatics                          3,711,789                          37%
  D. Diamond                                168,827                           2%
  E. Art                                     20,564                           0%
  F. Other collectibles                     449,515                           4%
                 ------------------   -------------    -----------  ------------

Intangible Assets
         Goodwill
Goodwill  primarily  includes the excess purchase price paid over the fair value
of the net assets acquired. Goodwill is being amortized on a straight-line basis
over twenty to twenty-five  years.  Total accumulated  amortization at September
30, 1998 and 1999 was approximately $ 369,000 and $ 600,000,  respectively.  The
recoverability  of goodwill is evaluated at each year end balance  sheet date as
events or  circumstances  indicate a possible  inability to recover its carrying
amount.  This  evaluation  is based  on  historical  and  projected  results  of
operations  and gross cash  flows for the  underlying  businesses.  Amortization
expense  charged to operations for the three months ended September 30, 1998 and
1999 was approximately $ 23,000 and $ 60,000 respectively.

         Trademarks and Customer List
Part of the  purchase  price for  Teletrade  was  allocated  to  Trademarks  and
Customer List. These are being amortized on a straight-line basis over a 20-year
period for Trademarks and a 5-year period for Customer List.  Total  accumulated
amortization  at September 30, 1999 was  approximately  $ 205,000.  Amortization
expense  charged to operations for the three months ended September 30, 1999 was
approximately
$ 58,000.

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.

Earnings (loss) per common and common equivalent share

         The Company  computes net income per share in accordance with Statement
of Financial Accounting Standards No. 128 ("SFAS 128"), "Earnings Per Share". In
accordance  with SFAS 128,  primary  earnings per share have been  replaced with
basic  earnings  per  share,  and fully  diluted  earnings  per share  have been
replaced with diluted  earnings per share which  includes  potentially  dilutive
securities such as outstanding options and convertible securities.

                  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.  There is no dilutive  effect to these  options for the
three months ended September 30, 1999.

Comprehensive Income
         Effective July 1, 1998, the Company  adopted the provisions of SFAS No.
130, "Reporting  Comprehensive  Income." SFAS No. 130 establishes  standards for
reporting and display of  comprehensive  income and its components in a full set
of general purpose  financial  statements.  The objective of the Statement is to
report a measure of all  changes in equity of an  enterprise  that  result  from
transactions  and other  economic  events of the period other than  transactions
with owners ("Comprehensive  income").  Comprehensive income is the total of net
income and all other nonowner changes in equity


<PAGE>


(3) Inventories

         Inventories as of September 30, 1999 consisted of the following:
                                   Current        Non-current        Total
                                --------------   --------------  --------------
 Stamps                      $      2,888,396                  $     2,888,396
 Sports Cards and Memorabilia       1,323,568                        1,323,568
 Coins                                672,899                          672,899
 Art                                  321,332                          321,332
 Other                              1,421,315      $   900,000       2,321,315
                                ==============   ==============  ==============
                             $      6,627,510      $   900,000 $     7,527,510
                                ==============   ==============  ==============

(4) Related-party Transactions

         The  Company  accepts  rare stamps and other  collectibles  for sale at
auction on a consignment basis from Collectibles Realty Management, Inc., ("CRM.
Such  stamps and  collectibles  have been  auctioned  by the  Company or sold at
private treaty under  substantially  the same terms as for third party customers
and the Company  charges  CRM a seller's  commission  for items  valued at under
$100,000 per lot. In the case of auction, the hammer price of the sale, less any
seller's commission,  is paid to CRM upon successful auction, and in the case of
private treaty, the net price after selling  commissions is paid to CRM. For the
three months  ended  September  30, 1999,  there were no such auction or private
treaty sales.

         Scott  Rosenblum,  a director of the  Company,  is a partner of the law
firm Kramer,  Levin,  Naftalis & Frankel,  which  provides legal services to the
Company.  Anthony L.  Bongiovanni,  Jr.,  also a  director  of the  Company,  is
president of Micro Strategies, Incorporated, which provides computer services to
the  Company.  Leon  Liebman,  who  was a  director  of the  Company  until  his
resignation on October 19, 1999,  provided  consulting services for the Company.
Total  expenditures  for  services  rendered by these firms for the three months
ended  September  30,  1998 and 1999  were  approximately  $24,000  and $ 21,000
respectively,  in the case of Kramer, Levin,  Naftalis & Frankel,  approximately
$17,000 and $46,000 respectively, in the case of Micro Strategies, Incorporated,
of which  approximately $ 30,000 was charged to operations in 1999, and $0 and $
13,000 respectively in the case of Mr. Liebman.

         Included in Auctions  receivable - related party is $850,000 for Afinsa
(see note 1)

(5) Debt

         The  Company  is party to a  secured  revolving  credit  and term  loan
facility with Brown Brothers Harriman & Co. ("BBH&Co.").  At September 30, 1999,
borrowing under the revolving  credit facility and term loan totaled  $3,662,000
and $ 67,750 respectively.  Absent a material adverse change or event of default
as determined by BBH&Co., with respect to the revolving credit loan, BBH&Co. has
agreed to  provide  the  Company  with a 120-day  notification  period  prior to
issuing a demand for  repayment,  so long as the Company is in  compliance  with
certain financial and operating guidelines.

         In  addition,  on October  27,  1998,  the Company  secured  additional
borrowing  from  BBH&Co.  totaling  $1,500,000  related  to the  acquisition  of
Teletrade,  Inc.  The note is  payable in  quarterly  installments  of  $150,000
beginning on June 30, 2000 unless there is any breach of specific  Financial and
Operating  Guidelines  or the  default  of the  secured  promissory  note or any
material adverse change (as defined  therein) in the Company.  Absent a material
adverse change or event of default as determined by BBH&Co.,  BBH&Co. has agreed
to provide the Company  with a 366-day  notification  period  prior to issuing a
demand for  repayment,  so long as the  Company is in  compliance  with  certain
financial and operating guidelines.

(6) Stock subscriptions receivable

                  On  February  10,  1999,  the  Company  entered  into a  stock
purchase  agreement with whereby Afinsa agreed to purchase 475,624 shares of the
Company's Common Stock for an aggregate  purchase price of $5 million (at $10.51
per share, which was the closing price of the Company's common stock as reported
by NASDAQ at the close of business on the date the agreement was signed). During
the year ended June 30,  1999,  the Company  received $2 million from Afinsa and
issued 172,251 shares of common stock.

                   As of  June  30,  1999,  the  Company  had  recorded  a stock
subscription  receivable  for the  remaining  285,373  shares with an  aggregate
purchase  price of $3 million.  This amount was received  from Afinsa on July 9,
1999.

(7)  Supplementary Cash Flow Information

         Following is a summary of supplementary cash flow information:
                                             Three Months Ended
                                               September 30,
                                  --------------------------------------------
                                           1998                      1999
                                  ------------------       -------------------
 Interest paid                        $   117,922               $   124,265
 Income taxes paid                          1,314                     1,222

Summary of significant non-cash transactions:
 Income tax effect of the
  exercise of options                         -                 $    51,250

(8) Acquisition of Subsidiary

                   On October 29, 1998,  the Company  completed the  acquisition
(the  "Acquisition")  of all of the common stock of  Teletrade,  Inc.  from Leon
Liebman, Richard Makely and Bernard Rome. The purchase price for the Acquisition
was $5,895,040 consisting of $1,875,000 in securities of the Company, $3,000,000
in cash,  $675,000  in  promissory  notes,  $75,000 in options to  purchase  the
Company's  common  stock and  $270,040  in  acquisition  related  expenses.  The
acquisition was recorded using the purchase method of accounting.  The amount of
consideration paid was determined by arm's length negotiations among the Company
and Messrs.  Liebman,  Makely and Rome.  The cash used for the  Acquisition  was
available from (i) a private placement of 200,000 shares of the Company's Common
Stock to each of Leon Liebman,  Greg Manning and Afinsa and (ii) a term loan, as
described below. Reference is made to the Company's report on Form 8-K/A1, which
was filed by the  Company on January 12,  1999.  The  results of  operations  of
Teletrade are included from October 30, 1998.


<PAGE>



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

Results of Operations

General

         The Company's  revenues are  represented by the sum of (a) the proceeds
from the sale of the Company's  inventory,  and (b) the portion of sale proceeds
from  auction or private  treaty that the  Company is  entitled to retain  after
remitting  the  sellers'  share,  consisting  primarily of  commissions  paid by
sellers and buyers. Generally, the Company earns a commission from the seller of
5% to 15%  (although  the  commission  may  be  slightly  lower  on  high  value
properties) and a commission of 10% to 15% from the buyers

         The Company's  operating  expenses  consist of the cost of sales of the
Company's  inventory  and  general and  administrative  expenses  and  marketing
expenses  for the three months ended  September  30, 1998 and 1999.  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 September 30, 1999
Compared with the three months ended September 30, 1998

         The  Company   recorded  an  increase  in  revenues  of   approximately
$2,044,000  (128%),  from  approximately  $1,598,000  for the three months ended
September  30,  1998 to  approximately  $3,642,000  for the three  months  ended
September  30,  1999.  This  increase  was  primarily  attributable  to revenues
generated from Teletrade of approximately  $1,379,000 which were not included in
the  similar  period  last  year,  increases  in  revenues  from the sale of the
Company's inventories of approximately $886,000 (89%) for the three month period
ended September 30, 1999 compared to the prior year.

         Gross  margins on the sales of the  Company's  inventory  increased  by
approximately  $ 246,000  (90%) in the three  months  ended  September  30, 1999
compared to the three months ended  September 30, 1999. The overall gross margin
decreased to 22% on inventory  sales during the three months ended September 30,
1999 from 28% for the comparable  period in the prior year. The stamp area had a
decrease  in gross  margins  from  45% to 26%  during  the  three  months  ended
September 30, 1999 compared to the prior year comparable period.

         The Company's operating expenses increased by approximately  $1,686,000
(170%)  during the three months ended  September  30, 1999  compared to the same
period in the prior year.  Marketing  costs  increased  approximately  $ 392,000
(297%) of which approximately  $242,000 were related to Teletrade (which was not
included in the comparable  period in 1998).  Of the remaining  approximately  $
1,294,000  increase  in general and  administrative  expenses,  approximately  $
812,000  related to  Teletrade.  Other  increases in general and  administrative
expenses include  salaries and shareholder  expenses of approximately $ 326,000.
These costs  resulted in operating  costs of 74% of  operating  revenues for the
three months ended September 30, 1999 compared to 62% for the comparable  period
in the prior year.

         Interest income increased by approximately  $128,000  substantially due
to a higher level of outstanding  interest bearing advances to consignors during
the quarter  ended  September  30, 1999 as  compared to the three  months  ended
September  30,  1999.  This was offset by an  increase  in  interest  expense of
approximately  $ 68,000  during the three  months  ended  September  30, 1999 as
compared to the  comparable  period of the prior year due primarily to increased
overall borrowings.

         Net  Income:   The   Company's   decrease  in   operating   profits  of
approximately  $ 777,000  during the three  months ended  September  30, 1999 as
compared  to the same  period of the prior year and the  decrease in the gain on
sale of PICK stock of approximately $ 542,000 were the primary components of the
net loss of  approximately  $ 477,000 for the three months ended  September  30,
1999  compared  to the net income of  approximately  $ 210,000  during the three
months ended September 30, 1998.

        The Company is aware of the Year 2000 issue and has  commenced a program
to identify,  remediate,  test and develop  contingency  plans for the Year 2000
issue (the "Y2K Program"),  which was  substantially  completed by the summer of
1999. The Company has retained a consultant who will assist in the management of
the Y2K  Program as it  relates  to (1) the  software  and  systems  used in the
Company's  internal  business;  and (2) third party vendors,  manufacturers  and
suppliers.  The Company  currently does not anticipate  that the cost of the Y2K
Program will be material to its  financial  condition or results of  operations.
Nevertheless, satisfactorily addressing the Year 2000 issue is dependent on many
factors,  some of which are not completely within the Company's control.  Should
the  Company's  internal  systems  or  the  internal  systems  of  one  or  more
significant  vendors or  suppliers  fail to achieve  Year 2000  compliance,  the
Company's business and its results of operations could be adversely affected.

 Liquidity and Capital Resources

         At September  30, 1999,  the  Company's  working  capital  position was
approximately $ 7,859,000,  compared to approximately $ 9,002,000 as of June 30,
1999. This decrease of  approximately $ 1,143,000 was primarily due to decreases
in  stock  subscriptions  receivable  of  $3,000,000  and  accounts  payable  of
approximately  $ 846,000,  which were  partly  offset by  increases  in auctions
receivable of approximately $ 129,000,  inventory of approximately $ 451,000 (in
anticipation  of  increased  e-commerce  activity),  advances to  consignors  of
approximately $ 390,000 and deferred tax asset of approximately $ 408,000.

         The  Company  experienced  a  decrease  in  cash  flow  from  investing
activities  for the three months ended  September  30, 1999 of  approximately  $
181,000.  This was primarily  attributable  to the  acquisition  of property and
equipment.

         The  Company  experienced  an  increase  in cash  flow  from  financing
activities  for the three months ended  September  30, 1999 of  approximately  $
3,063,000.  This was primarily  attributable  to the exercise of employee  stock
options and the proceeds from stock subscriptions receivable.

         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.

Subsequent events

         By letter  received  by the  Company  on October  19,  1999,  Mr.  Leon
Liebman,  a director of the Company  whose term was due to expire in 1999 at the
annual meeting of shareholders,  resigned as director of the Company,  effective
immediately.  Mr.  Liebman  indicated that his decision was due to various other
professional commitments requiring the bulk of his time and attention.

<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

The Company held a special meeting of shareholders on October 7, 1999 to approve
and ratify the issuance and sale of 200,000  shares each to Greg  Manning,  Leon
Liebman and Afinsa Bienes Tangibles, SA.

Set forth below is information concerning the voting results of this matter:

         For:              3,528,541
         Against:            253,368
         Abstain:              5,145

         PROPOSAL APPROVED

Item 5. Other Information.

                  None

Item 6. Exhibits and Reports on Form 8-K

                  (a) Exhibits

                           27  Financial Data Schedule

                  (b) Reports on Form 8-K

                           None




<PAGE>


                                   SIGNATURES

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


                           GREG MANNING AUCTIONS, INC.



Dated:  November 15, 1999
                                             /s/  Greg Manning

                                              Greg Manning
                                         Chairman and Chief Executive Officer



                                             /s/  James Smith
 .
                                                James Smith
                                          Chief Financial Officer





<PAGE>




                                  EXHIBIT INDEX





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

27       Financial Data Schedule


<PAGE>