Appreciation

A just valuation or estimate of merit, worth, weight, etc.; recognition of excellence.

Accurate perception; true estimation; as, an appreciation of the difficulties before us; an appreciation of colors.

A rise in value; -- opposed to depreciation.

delicate discrimination (especially of esthetic values); "arrogance and lack of taste contributed to his rapid success"; "to ask at that particular time was the ultimate in bad taste"

understanding of the nature or meaning or quality or magnitude of something; "he has a good grasp of accounting practices"