This study was conducted to identify the economic value of the 2021 Korean International Ceramic Biennale using the Contingent Valuation Method. From the study, direct and indirect information on the Biennale competitiveness was identified as useful policy data with strong public property characteristics, and has implications for maintaining the economic sustainability of the festival. The data were collected through a in-person survey of visitors to the 2021 event, and a total of 579 responses were analyzed. In this study, both parametric and non-parametric estimation methods were used to analyze the economic value perception of the visitors. Through the non-parametric estimation method, the willingness to pay was calculated about 5538.90 won, and it calculated about 8,874.5 won using the parametric estimation method and the truncated average method. In terms of the fact that the parameter estimation method includes the influence of demographic, psychological, and behavioral variables compared to the non-parametric estimation method, the final economic value proceeded with the result of the parameter estimation method. Through this, the economic value through the willingness of visitors to pay was estimated at about 266 million won.