Other forms: appreciations
When you have an appreciation for something, you can see and truly understand its good qualities. One way to show your appreciation for a particularly wonderful musical performance is to give a standing ovation when it's over.
A slightly different kind of appreciation is having good taste or the ability to see aesthetic beauty in something, like members of a wine appreciation group or the teacher of a music appreciation class. There's also the appreciation that means a rise in monetary value — you might refer to the appreciation of the value of a house, for example.