Final answer:
The range of values of a specific color is known as 'value space,' which encompasses the lightness or darkness of a color created by adding white or black. The value scale, from white to black with grays in between, helps artists convey depth and mood in their work.
Step-by-step explanation:
The range of values of a specific color is called value space. Value refers to the degrees of lightness or darkness of a color, impacted by the addition of black or white. When white is added to a hue, it becomes a tint, which tends to give off a more cheerful mood. On the opposite end, adding black creates a shade, often associated with more somber emotions. The value scale illustrates these variations, with pure white on one end and black on the other, and a progression of grays in between. High-keyed values are near the lighter end of the spectrum, while low-keyed values are closer to the darker end.
Understanding value is crucial for artists as they use variations in value to depict dimension, form, and mood in their artwork. Also, by changing a color's value, artists are able to create depth and perspective, leading to more dynamically realized pieces.