I try out a tentative hypothesis in speculative philosophy, by sketching a theory of value modelled on John Locke's theory of acquisition. I argue that this theory has all the advantages of Locke's theory of acquisition, but few of its disadvantages. Moreover, it allows us to reconcile two attractive, but apparently incompatible, ideas about value: the real-value idea (that animals, plants, artifacts, and landscapes really are valuable) and the subject-dependence idea (that things have value only in relation to experiencing subjects). As a theory of value, it may be interesting in its own right, but I also argue that it may be of particular interest to theists.