I have written an article that you might be interested because it explains the reasons behind for your reading Cervantes and Shakespeare nowadays.
This article suggests the reasons behind some writer’s timeless quality, why their work is endlessly read and re-read, while others fall into oblivion. We come to the conclusion that these writers are hypnotic writers. Hypnotic writing is full of metaphors and this article states the importance of Joyce and Crowley’s research on the three levels of communications in metaphors. Their proposal throws some light on the reasons behind these timeless writers in literature
Full article here