This article estimates the non-market value of culture and investigates the determinants of visitors’ willingness to pay(WTP) for the event. A dichotomous choice form of contingent valuation is applied to the 2000 Kwangju Biennale, a quasi-public good. The benefit estimate derived from the logit model is compared to the one obtained by a nonparametric approach. While visitors’ sociodemographic characteristics was not important determinants of the WTP for a visit, the WTP was found significantly affected by the contents of the event, visitors’ satisfaction level and expertise, and locality they live in. Total net use value of the event was estimated 5.3 billion Won averaging about 8,600 Won per person. The result indicates that valuing the event endorses the argument for local and central government funding for the culture and arts event.