"Wabi-sabi is the most conspicuous and characteristic feature of 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," says Wikipedia.
"If an object or expression can bring about, within us, a sense of serene melancholy and a spiritual longing, then that object could be said to be wabi-sabi."[2]
"Wabi-sabi nurtures all that is authentic by acknowledging three simple realities: nothing lasts, nothing is finished, and nothing is perfect."[3]
Wabi now connotes rustic simplicity, freshness or quietness, and can be applied to both natural and human-made objects, or understated elegance. It can also refer to quirks and anomalies arising from the process of construction, which add uniqueness and elegance to the object.
Sabi is beauty or serenity that comes with age, when the life of the object and its impermanence are evidenced in its patina and wear, or in any visible repairs.