The article proposes a theory of artistic medium through a conjoint reading of Martin Heidegger and Stanley Cavell. My thesis is that the concept of the medium such reading yields is a necessary dimension of the idea of art still operative in the contemporary “post-medium condition,” in which the material bases of works are no longer bound to conventional identification within the system of the arts. I show that Rosalind Krauss’s conception of “reinventing the medium” as the essential artistic task of this situation is adumbrated in a central tenet of Cavell’s philosophy of art: an artistic medium is created—rather than applied—in a successful artistic instance. I further show that this notion, consistently associated with the figure of circularity in Cavell’s text, is grounded in Heidegger’s understanding of the artwork as a world-disclosing event, paradoxically creating its own conditions. In the last two sections of the paper, I explore the significance of artistic medium for both philosophers as the bearer of the transcendental claim for “material meaning” against the prevailing Cartesian paradigm of modernity. Finally, I argue that Heidegger’s interpretation of the artwork’s material basis as “coming-forth-concealing,” furthered by Jean-Luc Nancy’s notion of “matter-as-difference,” makes the concept of the medium, so construed, universally applicable to the variety of arts in the post-medium condition, and grounds the ontological necessity of this multiplicity.