Since wabi-sabi represents a comprehensive Japanese world view or
aesthetic system, it is difficult to explain precisely in western
terms. According to Leonard Koren, wabi-sabi is the most conspicuous
and characteristic feature of what we think of as traditional Japanese
beauty and it "occupies roughly the same position in the Japanese
pantheon of aesthetic values as do the Greek ideals of beauty and
perfection in the West."
Wabi-sabi is a beauty of things imperfect, impermanent, and
incomplete.
It is the beauty of things modest and humble.
It is the beauty of things unconventional.
The concepts of wabi-sabi correlate with the concepts of Zen Buddhism,
as the first Japanese involved with wabi-sabi were tea masters,
priests, and monks who practiced Zen. Zen Buddhism originated in
India, traveled to China in the 6th century, and was first introduced
in Japan around the 12th century. Zen emphasizes "direct, intuitive
insight into transcendental truth beyond all intellectual
conception." At the core of wabi- sabi is the importance of
transcending ways of looking and thinking about things/existence.
- All things are impermanent
- All things are imperfect
- All things are incomplete
Material characteristics of wabi-sabi:
- suggestion of natural process
- irregular
- intimate
- unpretentious
- earthy
- simple
For more about wabi-sabi, see 
http://c2.com/cgi/wiki?WabiSabi.
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