Horizontal and vertical differentiation in comic art auctions
研究了漫画原稿拍卖中，质量相关（垂直）和品味相关（水平）差异化如何影响成交概率和价格，发现垂直差异化不提高成交率但能带来溢价，而新探索的水平差异化变量显著影响销售和价格。
Abstract This study investigates how vertical (quality‐related) and horizontal (taste‐related) differentiation influences the probability of sale and market price of auctioned artworks. We explore a new art market, namely, original comic works. By including unsold lots, we correct the selection bias commonly found in the literature. We propose an original set of variables accounting for vertical differentiation in this market (i.e., commercial and critical successes, the artist's reputation, role, and recognition). Vertically differentiated artworks do not sell better, but warrant a premium. Regarding horizontal differentiation, newly explored variables have a significant effect on sales and (often) auction prices.