This chapter details Alain Locke’s contributions to value theory and their relationship to the overall cultural project of the Harlem Renaissance. It argues that Locke viewed the New Negro Renaissance and the transvaluation of black art – that is, the re-estimation of its value according to new principles of judgment – as one moment in a deeper and ongoing axiological transformation. To do so, it looks at his writings on African American spirituals and his “cultural retrospectives” of the 1930s and 1940s (annual reviews that took stock of the year’s work in black themes) as exemplary instances of such transvaluation. In these writings, Locke continually revised the significance and boundaries of the Harlem Renaissance.