Book excerpt: This book explores the attribution and local negotiation of cultural valuations of artistic and art-institutional practices around the world, and considers the diverse ways in which these value attributions intersect with claims of universality and cosmopolitanism. Taking Michael Herzfeld’s notion of the “global hierarchy of value” as point of departure, the volume brings together six empirical studies of the collection, circulation, classification and exhibition of objects in present-day Brazil, China, India, Japan, South Africa and Indigenous Australia in light of Europe’s loss of global hegemony. Including reflections by a number of senior scholars, the chapters demonstrate that the question of valuation lies at the heart of artistic and art-institutional practices writ large – including museum practices, museum architecture, galleries, auction houses, art fairs and biennales.