溫故知新 is a proverb from Confucius that is used in Chinese, Japanese, and Korean cultures.

It can be translated in several ways:
Coming up with new ideas based on things learned in the past.
Examine things of the past, and obtain new knowledge.
Developing new ideas based on the study of the past.
Gain new insights through restudying old issues.
Understand the present by reviewing the past.
Learning from the past.
Review the old and know the new.
Taking a lesson from the past.
Taking a lesson from the wisdom of the ancients.
Follow the old ways.

The direct translation would be, “By asking old things, know new things.”
The Character meanings breakdown this way:
溫故 = ask old
知新 = know new

Explained: To learn new things that are outside of your experience, you can learn from old things of the past. You can find wisdom in history.

VS.

Note: Japanese use a variant of the first Kanji in modern times.
Therefore if you order this from a Japanese calligrapher, expect the first Kanji to look like 温 instead of 溫.

In addition to 温故知新 as mentioned above, this is sometimes written as 温古知新 in Japan.

You may learn when everything goes right but the lessons learned when everything goes wrong are more vivid and lead to long-lasting wisdom.

Another way to look at this: One cannot always depend on past successes to guarantee future success but one can always learn from lessons drawn from failure.

Note: Because this selection contains some special Japanese Hiragana characters, it should be written by a Japanese calligrapher.