Literary masterpieces

What qualities must a literary work have to be considered a masterpiece (Include a discussion of the qualities of the most recent masterpieces studied. In particular, include how they challenge and reshape earlier masterpieces, redefining literature in the process)?
Masterpieces, Beowulf, Candide, The Death of Ivan Ilych, Heart of Darkness, Ilied, Aeneas, and Shakespears Sonnets. These are a few, but I am aloud to include others as well.

The Longman Anthology World Literature Compact Ed.

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