Greg Manning Auctions (NASDAQ:GMAI)
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Greg Manning Auctions Inc. (Nasdaq:GMAI) announced today
that the June realizations of three important live event auctions held
in London, New Jersey and Wiesbaden, Germany totaled $10.7 million in
sales against total pre-sale estimates of $7.2 million.
H.R. Harmer's Edward M. Gilbert Auction of Stamps of the British
Empire, held in collaboration with Spink of London, England on June
15-16, achieved a 100% sell-through with all 1,402 lots sold for a
total of $3.95 million versus a pre-sale estimate of $3 million (all
realizations quoted include a Buyer's Premium). The auction was Part
IV in a continuing series of Gilbert Collection sales, which are
expected to realize more than $25 million in total. The London venue
proved extremely successful, as H.R. Harmer, a Greg Manning
subsidiary, and Spink clients competed for the many rare stamps
contained in the vast British Empire collection formed by Mr. Gilbert.
Highlights of the Gilbert Auction included:
-- A Bermuda Perot postmaster provisional issue of 1849 selling
for $244,000 against an estimate of $110,000-146,000; this is
thought to be a new world record.
-- A rare British Guiana "Cottonreel" stamp of 1850 and estimated
at $9,000-11,000 sold after spirited bidding for $40,000.
Another British Guiana cottonreel with a provenance from the
Champion collection was hammered down for $57,000; well over
its pre-sale estimate of $15,000-18,000.
-- A rare 1000 Rupee stamp from Ceylon estimated at
$15,000-18,000 brought $29,000.
-- A popular inverted frame variety from Jamaica previously owned
by the Ameer of Bahawalpur prior to Mr. Gilbert, sold for
$42,000; easily eclipsing its $15,000-18,000 estimate.
-- The 1867 issue of the "Missing Virgin" variety of the Virgin
Islands climbed to $143,000 as multiple bidders competed for
this, the finest known copy.
GMAI's Koehler Auctions subsidiary of Wiesbaden, Germany held a
mammoth 5-day worldwide auction from May 31 through June 4. The
auction realized a total of $4 million against a pre-sale estimate of
$2 million. The sell-through rate by value totaled 86%, and reflected
the strong international demand at this Koehler auction.
A modern German rarity, a 2001 unissued stamp honoring the late
Audrey Hepburn, sold for more than triple its pre-sale estimate of
$25,000 when it realized $83,000 at the Koehler auction. The Hepburn
stamps had been withdrawn from sale when, at the last minute, an
objection was received from one of Hepburn's sons. This cancelled
stamp, and only one other known copy, were inadvertently sold by the
German Post Office.
On June 18 in New Jersey, Greg Manning Auctions held a sale of
intact stamp collections and dealers' inventories that realized
$2,750,000 for its 1,041 lots, significantly higher than the $2.2
million pre-sale valuation, and also achieved a respectable 87%
sell-through by value. Collectors, dealers and investors from around
the world visited the firm's West Caldwell, New Jersey gallery to
compete for a diverse array of high quality collections.
On June 24, H.R. Harmer of New York will sell the Richard Baron
Cohen collection of superb individual United States stamps in post
office fresh condition, from both the 19th and 20th centuries. This
auction will be the first sale ever to be fully numerically graded and
authenticated by Collectors Universe (Nasdaq:CICT) Professional Stamp
Experts division. This auction will be held in the Harmer gallery in
New York City, and is estimated to realize $700,000.
Greg Manning, First Vice Chairman, CEO and President, stated,
"Thus far, June has proved to be an exceedingly active month for all
of us at GMAI. All auctions, including our three on-line weekly sales
of up to 1,000 lots each at Teletrade and our multiple monthly Nutmeg
stamp auctions, each containing thousands of lots, continue to perform
very well against our in-house projections. We expect that the
positive momentum achieved this fiscal year in sales, consignments and
purchasing will continue in GMAI's fiscal year 2006, which begins on
July 1, 2005."
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. is a global collectibles merchant and
auction house network, with operations in North America, Europe and
Asia and on the Internet. This network was created in September 2003
when GMAI and Auctentia, S.L. effectively integrated their auction
businesses, creating a GMAI-AUCTENTIA global collectibles auction
network.
In North America, GMAI is a leading traditional and e-commerce -
Internet, interactive telephone, and Internet and live simulcast -
auctioneer and merchant/dealer of collectibles. Coins, stamps and
sports cards are offered at www.gregmanning.com and www.teletrade.com.
Its operations include the Greg Manning Auctions division, Ivy &
Manning Philatelic Auctions, H.R. Harmer of New York, Greg Manning
Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales,
Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin
Auctions.
In Europe, the leading auction houses affiliated with the network
are Auctentia Subastas of Madrid, Spain (operating under the name
"Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65%
owned by GMAI); and the Koehler group of auction companies of Berlin
(66.67% owned by GMAI) and Wiesbaden, Germany.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid,
Spain, which is engaged in the sale, marketing and production of owned
and third-party collectibles, with an emphasis on specialized
philatelic material.
Both GMAI and CdC currently act as exclusive supplier of
collectibles - primarily stamps and coins - on a worldwide basis to
Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world
leaders in marketing tangible investment products, and GMAI's majority
shareholder.
Statements in this press release that relate to future plans,
objectives, expectations, performance, events and the like are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the Securities Exchange
Act of 1934. Future events, risks and uncertainties, individually or
in the aggregate, could cause actual results to differ materially from
those expressed or implied in these statements. Factors that may cause
such differences include changes in market conditions, changes in
economic environment, competitive factors and the other factors
discussed in the "forward-looking information" or "risk factors"
sections included in GMAI's filings with the Securities and Exchange
Commission, including GMAI's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, prospectuses and other documents that GMAI has
filed with the Commission. In particular, any statement related to
GMAI's expected revenues or earnings or GMAI's being well positioned
for future profitability and growth are forward-looking statements.
The words "should," "believe," "estimate," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and variations
thereof identify certain of such forward-looking statements, which
speak only as of the dates on which they were made. Additionally, any
statements related to future improved performance and estimates of
revenues and earnings per share are forward-looking statements. GMAI
undertakes no obligation to publicly update or revise any
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements.