This paper illustrates the gap between the perceived value of performer input in intangible heritage and how it is considered in the market, drawing on a large sample of flamenco in Spain. The method used is constructed from four different components: an analysis of the intellectual property legal framework to determine the scope of copyright and neighbouring rights, interviews with experts to explain in detail the flamenco work creation process, double system surveys to determine the perceived evaluation of its agents and contributions, and finally – through a multidimensional structural equations model – flamenco work's perceived value-scale is validated through three dimensions: composition elements, feelings, and virtuosity. The results show how the perceived value of flamenco production critically depends on the externalisation accomplished by the performer through virtuosity. Nevertheless, copyright or royalties by no means ensure a level of protection that aligns with the key creative role of flamenco performers.