Part of Nietzsche's worry was philosophical: How was it possible in a godless world, naturalistically conceived, to deem anything of value? But his concern was also cultural and political. Because of democracy, which was “Christianity made natural,” the aristocracy had lost “its naturalness”—that is, the traditional vindication of its power. How then might a hierarchy of excellence, aesthetic and political, re-establish itself, defend itself against the mass—particularly a mass of workers—and dominate that mass? [...] Nietzsche's response to that challenge was not to revert or resort to a more objective notion of value: that was neither possible nor desirable. Instead, he embraced one part of the modern understanding of value—its fabricated nature—and turned it against its democratic and Smithian premises. Value was indeed a human creation, Nietzsche acknowledged, and as such could just as easily be conceived as a gift, an honorific bestowed by one man upon another. “Through esteeming alone is there value,” Nietzsche has Zarathustra declare; “to esteem is to create.” Value was not made with coarse and clumsy hands; it was enacted with an appraising gaze, a nod of the head signifying a matchless abundance of taste. It was, in short, aristocratic.
source
Corey Robin, "Nietzsche’s Marginal Children: On Friedrich Hayek", The Nation (May 7, 2013)