In the process of creative sentence or phrase utilization, novel and appropriate evaluations cause the different brain responses observed in event-related potentials: the N400 reflects the novelty evaluation, whereas a late negative component marks appropriate processing. Do we have similar brain reactions in image perception when we rapidly browse pictures of objects with different novelty, functional/appropriate, and hedonic value? To explore this question, participants were presented with four novel object images with high or low functional and hedonic properties, as well as the ordinary product images, with the instruction to attentively observe and understand each image. We found a clear dissociation between processing of novelty and functional value: novelty objects produced negative deflections in the N2–N400 time window relative to the ordinary object images, whereas images with high functional value elicited a larger N2 and late negative waves (LNC) resembling the late component found for the appropriate phrases. Object images with high hedonic value, however, were associated with earlier aesthetic preference reflected in smaller N1 amplitudes, but failed to elicit a LNC effect. We therefore conclude that the processing of novelty, functional, and hedonic value are dissociation, and the perception of hedonic value is earlier (N1) than the novelty processing (N400) and the verification of functional value (LNC).