Value in art has two distinct meanings. One refers to what something is worth to a buyer (monetary value), to a society (social value), or to the world of art (artistic value). The other meaning is as an element of design. It refers to high-key or low-key within a work of art. If a work is not dominantly one or the other then there will be a certain amount of contrast. This contrast can be used in a specific way to help reinforce the illusion of depth through a technique called chiaroscuro. This is an application of implied light and shadow. But, real three dimensional works utilize actual light and shadow in interesting ways as well.
In certain printing techniques areas of dark and even applications of chiaroscuro are created through a technique called hatching.
In music, the correlation to value is tonality. Major is bright and minor is dark. In theater, value is often treated throughout aspects of the mise en scene symbolically. Film treats it much the same and in some cases achieves the designation film noir.