Exhibit 10.5 FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT between Greg Manning and Company, Effective as of July 1, 2000 FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), made as of July 1, 2000, by and between Greg manning Auctions, Inc., a New...

Exhibit 10.5
FOURTH  AMENDMENT  TO  EMPLOYMENT  AGREEMENT  between  ▇▇▇▇ ▇▇▇▇▇▇▇ and Company,
Effective as of July 1, ▇▇▇▇


▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ TO EMPLOYMENT  AGREEMENT (the "Amendment"),  made as of July 1,
2000, by and between ▇▇▇▇ ▇▇▇▇▇▇▇ Auctions,  Inc., a New York corporation having
its principal office at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (the
"Company"),  and ▇▇▇▇ ▇▇▇▇▇▇▇,  an individual  [address ommitted]
(the "Executive").

WHEREAS,  the Company and the  Executive  entered into an  Employment  Agreement
dated as of May 14, 1993,  as amended by an  amendment  effective as of June 30,
1995;  by a  second  amendment  effective  as of  July 1,  1997;  and by a third
amendment effective as of July 1, 1999 (as so amended, the "Agreement");

WHEREAS, the  Company and the Executive desire to amend the Agreement in certain
respects;

NOW, THEREFORE,  in consideration of the mutual promises  hereinafter set forth,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
desiring to be legally bound, hereby agree as follows:

1       Paragraph 1 of the Agreement is hereby amended to extend the term of the
Agreement to June 30, 2002 (subject to earlier   termination  as provided in the
Agreement).

2.      Paragraph  3(a) of  the  Agreement is hereby amended to delete the first
sentence thereof and insert in lieu thereof the following:

(a)      For the full, prompt and faithful  performance of all of his duties and
         services hereunder,  the Company shall pay the Executive an annual base
         salary of $350,000 per year for the period of his employment hereunder.

3.       Paragraph 3(b)(I) is hereby amended by adding  the following at the end
          thereof:

     Notwithstanding the foregoing, the Executive shall be entitled to receive a
bonus of not less than $50,000 per year.

4.  All capitalized terms used herein and not otherwise defined shall have their
respective meanings as set forth in the Agreement.

5.       This Amendment shall be effective for all purposes as of July  1, 2000.
Except as hereby amended, all the terms and   conditions  of the Agreement shall
remain in full force and effect.

IN WITNESS  WHEREOF,  the parties  hereto have executed this Amendment as of the
date first above written.

▇▇▇▇ ▇▇▇▇▇▇▇ AUCTIONS, INC.

BY:___/s/ ▇▇▇▇ Manning______