How light reveals form with values
Values or Shading refer to giving the lightness or darkness of a color or shade. When light hits a form, it defines it by showing up different values or shading. The light is coming from a certain direction so there is an area lighter (where the light is hitting) and a darker area (this is in the shade). This is what gives the three dimensional look. In the graphic below I have a picture of the "Sleeping Woman" and you can see the light areas and the dark areas in the picture.
Values have light, middle, and dark tones. When I teach the beginning drawing classes the students learn about values and do a value exercise. Below are graphics of these exercises the students learn about. Try it at home; try to get different shades of one color.
The next picture shows value changes in color. This is done by how much pressure you are pressing down with a pencil, but with a brush it is down by either using thinner paint and/or changing the color by mixing it to a lighter tone.

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