In the context of art, especially drawing, value and shading are essentially the same thing: the use of different tones of light and dark to create the illusion of depth and form.
Here's a breakdown:
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Value: Refers to the lightness or darkness of a color or a neutral tone. It's one of the fundamental elements of art, existing independently of color. Think of a grayscale image; it shows value without any hue.
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Shading: Is the application of different values to represent light and shadow on a form. It's the process of using value to create a three-dimensional effect. Shading techniques include hatching, cross-hatching, stippling, blending, and scumbling.
Think of it this way: Value is the ingredient (lightness/darkness), and shading is the recipe (how you use that ingredient to create form). Good shading relies on an understanding and skillful use of value. Without a strong grasp of value, shading will appear flat and unrealistic. Highlights, mid-tones, and shadows are all elements of value that are used in the process of shading.
In summary: Value is the range of light and dark tones, while shading is the technique of using those values to create the illusion of form and depth in a drawing or painting. Value is the core element of shading.