wabi sabi is the material representation of Zen Buddhism. The idea being that being surrounded by natural, changing, unique objects helps us connect to our real world and escape potentially stressful distractions.
In one sense wabi sabi is a training where the student of wabi sabi learns to find the most simple objects interesting, fascinating and beautiful. Fading autumn leaves would be an example. Wabi sabi can change our perception of our world to the extent that a chip or crack in a vase makes it more interesting and give the object greater meditative value. Similarly materials that age such as bare wood, paper and fabric become more interesting as they exhibit changes that can be observed over time.