Questions of value are central to understanding alternative practices of food exchange. This study introduces a practice-based approach to value that challenges the dominant views, which capture value as either an input for or an outcome of practices of exchange. Building on a longitudinal ethnographic study on food collectives, I show how value, rather than residing in something that people share, or in something that objects have, is an ideal target that continuously unfolds and evolves in action. I found that (...) people organized their food collectives around pursuing three kinds of value-ideals, namely good food, good price and good community. These value-ideals became reproduced in food collectives through what I identified as valuing modes, by which people evaluated the goodness of food, prices and community. My analysis revealed that, while participating in food collectives in order to pursue their value-ideals, people were likely to have differing reasons for pursuing them and tended to attach different meanings to the same value-ideal. I argue that understanding how value as an ideal target is reproduced through assessing and assigning value is essential in further explorations of the formation of value and in better understanding the dynamics of organizing alternative practices of food exchange. (shrink)