EoA: Value

Value is what you use when you're working with black and white.  It's the grays in between the extremes of white and black that give the idea of depth and brings out the image.  Value suggests textures, planes, and shows where light comes from.

Value includes shadows and light.  Without value, everything looks like it's flat and lacking in realism.

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Resources:

http://www.williamsclass.com/ElectiveClassArt/ArtElementNotes.htm