The object of the invention is an elevator arrangement, which comprises at least an elevator car configured to move up and down in an elevator hoistway and at least two compensating weights, which are for their part connected to support the elevator car by the aid of their own support means, such as by the aid of ropes or belts and also e.g. diverting pulleys, and a hoisting machine provided with at least one traction sheave or corresponding, and at least one traction means such as a rope or belt, which is configured to transmit the rotational movement of the traction sheave into movement of the elevator car and of the compensating weights. Each compensating weight is connected by the aid of a traction means to the same hoisting machine.