Item 2. DESCRIPTION OF PROPERTY

The Company's headquarters are located in space leased under an agreement that extends to January 31, 2005 (with an option to purchase) and consists of approximately 18,600 square feet of office and warehouse facilities located at 775 Passaic Avenue, West Caldwell, New Jersey at an annual rental of approximately $155,000. The Company also leases approximately 7,500 square feet of office space in Santa Ana, California for its Spectrum subsidiary at an annual rental of approximately $213,500, 2,168 square feet for its Teletrade subsidiary at an annual rental of approximately $61,900 and 3,514 square feet for its Bowers & Merena subsidiary at an annual rental of approximately $73,800. The Company also rents other storage facilities located mostly in New Jersey, at annual rentals of approximately $48,100.

The Company leases approximately 5,200 square feet of office space at an annual rental of approximately $103,253 in Wiesbaden, Germany for its subsidiary, Heinrich Kohler Auktionhaus, and approximately 2,500 square feet at an annual rental of approximately $60,032 in Berlin, Germany for Heinrich Kohler Berliner Briefmarken-Auktionen. The Company leases office space at 3 locations in Madrid, Spain. Approximately 3,466 square feet at an annual rental of $32,000 for CdC and 3,000 square feet at an annual rental of $111,037. The third location the Company leases is office space from Afinsa (a related party) of approximately 5,800 square feet at an annual rate of $139,000 for CdC. The Company also leases approximately 2,700 square feet of office space at an annual rental of approximately $100,000 in Zurich, Switzerland for Corinphila.