diff --git a/gdb/python/py-value.c b/gdb/python/py-value.c
index 14efd79..f305b01 100644
--- a/gdb/python/py-value.c
+++ b/gdb/python/py-value.c
@@ -143,7 +143,7 @@ valpy_new (PyTypeObject *subtype, PyObject *args, PyObject *keywords)
     }
 
   value_obj->value = value;
-  value_incref (value);
+  release_value_or_incref (value);
   value_obj->address = NULL;
   value_obj->type = NULL;
   note_value (value_obj);
@@ -267,6 +267,7 @@ valpy_cast (PyObject *self, PyObject *args)
 {
   PyObject *type_obj;
   struct type *type;
+  PyObject *res_obj = NULL;
   struct value *res_val = NULL;	  /* Initialize to appease gcc warning.  */
   volatile struct gdb_exception except;
 
@@ -305,8 +306,10 @@ valpy_getitem (PyObject *self, PyObject *key)
 {
   value_object *self_value = (value_object *) self;
   char *field = NULL;
+  PyObject *res_obj = NULL;
   struct value *res_val = NULL;
   volatile struct gdb_exception except;
+  struct value *mark = value_mark ();
 
   if (gdbpy_is_string (key))
     {  
@@ -344,9 +347,13 @@ valpy_getitem (PyObject *self, PyObject *key)
     }
 
   xfree (field);
-  GDB_PY_HANDLE_EXCEPTION (except);
+  GDB_PY_HANDLE_EXCEPTION_AND_CLEANUP (except, mark);
+
+  if (res_val)
+    res_obj = value_to_value_object (res_val);
 
-  return res_val ? value_to_value_object (res_val) : NULL;
+  value_free_to_mark (mark);
+  return res_obj;
 }
 
 static int
@@ -427,8 +434,10 @@ enum valpy_opcode
 static PyObject *
 valpy_binop (enum valpy_opcode opcode, PyObject *self, PyObject *other)
 {
+  PyObject *res_obj = NULL;
   struct value *res_val = NULL;	  /* Initialize to appease gcc warning.  */
   volatile struct gdb_exception except;
+  struct value *mark = value_mark ();
 
   TRY_CATCH (except, RETURN_MASK_ALL)
     {
@@ -519,9 +528,13 @@ valpy_binop (enum valpy_opcode opcode, PyObject *self, PyObject *other)
 	  break;
 	}
     }
-  GDB_PY_HANDLE_EXCEPTION (except);
+  GDB_PY_HANDLE_EXCEPTION_AND_CLEANUP (except, mark);
+
+  if (res_val)
+    res_obj = value_to_value_object (res_val);
 
-  return res_val ? value_to_value_object (res_val) : NULL;
+  value_free_to_mark (mark);
+  return res_obj;
 }
 
 static PyObject *
@@ -684,6 +697,7 @@ valpy_richcompare (PyObject *self, PyObject *other, int op)
   int result = 0;
   struct value *value_other;
   volatile struct gdb_exception except;
+  struct value *mark = value_mark ();
 
   if (other == Py_None)
     /* Comparing with None is special.  From what I can tell, in Python
@@ -742,6 +756,7 @@ valpy_richcompare (PyObject *self, PyObject *other, int op)
 	  break;
       }
     }
+  value_free_to_mark (mark);
   GDB_PY_HANDLE_EXCEPTION (except);
 
   /* In this case, the Python exception has already been set.  */
@@ -851,7 +866,7 @@ value_to_value_object (struct value *val)
   if (val_obj != NULL)
     {
       val_obj->value = val;
-      value_incref (val);
+      release_value_or_incref (val);
       val_obj->address = NULL;
       val_obj->type = NULL;
       note_value (val_obj);
diff --git a/gdb/python/python-internal.h b/gdb/python/python-internal.h
index 47662d9..309ee5b 100644
--- a/gdb/python/python-internal.h
+++ b/gdb/python/python-internal.h
@@ -149,11 +149,17 @@ PyObject *gdbpy_parameter_value (enum var_types, void *);
 /* Use this after a TRY_EXCEPT to throw the appropriate Python
    exception.  */
 #define GDB_PY_HANDLE_EXCEPTION(Exception)				\
+    GDB_PY_HANDLE_EXCEPTION_AND_CLEANUP(Exception, NULL)
+
+#define GDB_PY_HANDLE_EXCEPTION_AND_CLEANUP(Exception, mark)				\
     do {								\
-      if (Exception.reason < 0)						\
+      if (Exception.reason < 0) {					\
+        if (mark)						\
+          value_free_to_mark (mark);						\
 	return PyErr_Format (Exception.reason == RETURN_QUIT		\
 			     ? PyExc_KeyboardInterrupt : PyExc_RuntimeError, \
 			     "%s", Exception.message);			\
+      }						\
     } while (0)
 
 /* Use this after a TRY_EXCEPT to throw the appropriate Python
diff --git a/gdb/value.c b/gdb/value.c
index 2f31185..9187a7f 100644
--- a/gdb/value.c
+++ b/gdb/value.c
@@ -691,7 +691,7 @@ free_all_values (void)
 /* Remove VAL from the chain all_values
    so it will not be freed automatically.  */
 
-void
+int
 release_value (struct value *val)
 {
   struct value *v;
@@ -699,7 +699,7 @@ release_value (struct value *val)
   if (all_values == val)
     {
       all_values = val->next;
-      return;
+      return 1;
     }
 
   for (v = all_values; v; v = v->next)
@@ -707,9 +707,21 @@ release_value (struct value *val)
       if (v->next == val)
 	{
 	  v->next = val->next;
-	  break;
+	  return 1;
 	}
     }
+
+  return 0;
+}
+
+/* Release VAL or increment its reference count if
+   it was released already */
+
+void
+release_value_or_incref (struct value *val)
+{
+  if (release_value (val) == 0)
+    value_incref (val);
 }
 
 /* Release all values up to mark  */
diff --git a/gdb/value.h b/gdb/value.h
index 0da7031..5705210 100644
--- a/gdb/value.h
+++ b/gdb/value.h
@@ -595,7 +595,9 @@ extern void value_free (struct value *val);
 
 extern void free_all_values (void);
 
-extern void release_value (struct value *val);
+extern int release_value (struct value *val);
+
+extern void release_value_or_incref (struct value *val);
 
 extern int record_latest_value (struct value *val);