UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Leon H. Liebman
2 Neville Terrace
London, SM7 3AT
2. Date of Event Requiring Statement (Month/Day/Year)
10/29/98
3. IRS or Social Security Number of Reporting Person (Voluntary)
049 32 0496
4. Issuer Name and Ticker or Trading Symbol
Greg Manning Auctions, Inc. (GMAI)
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
Common Stock | 975,000 Shares | D | |
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<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Stock Options* | | |Common Stock | 15,000 |$2.50+ |D | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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</TABLE>
Explanation of Responses:
* Pursuant to a Consulting Agreement dated October 29, 1998 with Greg Manning
Auctions, Inc. (the "Company") Mr. Liebman was granted options to purchase
15,000 shares of the Common Stock of the Company pursuant to the Company's 1997
Stock Incentive Plan (the "Plan"). Such options are exercisable in four equal
installments on October 29, 1999, 2000, 2001 and 2002.
+ The exercise price is the Fair Market Value as determined by the Plan, which
is the last sale price of the stock of the Company on the NASDAQ Small-Cap
Market on October 29, 1998.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S. C. 78ff(a).
/s/ Leon Liebman November 4, 1998
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** Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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SEC 1473 (7-96)
