Value is what the item is worth. For example, a $50 gift certificate from Walmart has a value of $50.
 
Let's assume you have a local flower shop that gives you a discount to buy a flower basket with a value of $50, but you only have to pay them $30, then the cost is $30.
 
Value is what the bidder will see and determines how much an item is worth.
Cost is your accounting tool to keep track of your expenses when getting items.