The appreciation, sale, and appraisal of fine art pivots on intrinsic value and biases. Previous research shows that people evaluate art based on factors such as attractiveness, rarity, artistic process, and background information. However, few studies consider the role of viewing art in person versus digitally, or how individual differences affect the perceived value of a piece. Two studies were conducted to explore these factors. In Study 1, 74 participants evaluated three landscape paintings in a lab as an in-person piece or a digital image. Background information about the paintings were manipulated using vignettes. Results show that background information impacts our perception of value in art and can be used to increase the perceived value of art. However, participants with more self-reported knowledge about art judged in-person pieces as significantly less valuable than other participants. In Study 2, 54 participants evaluated a single landscape painting in a lab as both an in-person piece and a digital image. Art knowledge was measured using a recognition task, and the amount of time spent viewing the pieces during that task was recorded. Results show that viewing time mediates the relationship between art knowledge and the perceived value of art, but only when the piece is viewed in person. Those with more knowledge about art spend more time evaluating the piece, then subsequently rate the piece as less valuable when viewed in person. The findings shed new light on the judgment of art, specifically the role of art knowledge on perceived value.