It is a concept derived from the Buddhist teaching of the three marks of existence (三法印 sanbōin?), specifically impermanence (無常 mujō?), the other two being suffering (苦 ku?) and emptiness or absence of self-nature (空 kū?).
Characteristics of the wabi-sabi aesthetic include asymmetry, asperity (roughness or irregularity), simplicity, economy, austerity, modesty, intimacy and appreciation of the ingenuous integrity of natural objects and processes. {wikipedia]
http://en.wikipedia.org/wiki/Wabi-sabi
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