In this chapter, the concept of a value chain is used to understand stages of value accumulation in the network of relationships and transactions that comprise the Australian visual arts sector. Value chains attempt to map complex systems that combine to create and add value to goods and services. These systems can be mapped at the level of the organisation or more broadly at the level of an industry, capturing the journey of goods and services from creator to end user or consumer. Today, value chain analysis is utilised at both an industry and organisation level with a view to maximising value for consumers and reducing costs of production. While its adoption across the arts and cultural sector is uneven, value chain analysis is useful in identifying where tangible and intangible value accumulates in areas of production and, in turn, where and by whom this value is realised. Here, we use value chain analysis to map the journey of the artwork and the artist, seeking to inform policy interventions towards ensuring that artists receive an equitable return on their contribution to accumulated value.