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Tree trunks undoubtedly provided inspiration for the first columns ever used in architecture. To this day, wood remains a valid and rather high-end option for both exterior and interior architectural columns. Here I have a little collection of various architectural wood columns.
Perhaps the most important distinction is whether or not to emphasize wood as the material used for any given architectural column. A coat of acrylic paint can easily make a wood column resemble a plastic or composite column, at least if you are looking at a distance. However, for a truly authentic look wood can be irreplaceable. Depending on the level of detail these columns can be quite pricey.
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Painting wood columns allows designers to emulate and define many traditional styles, even the most extravagant.
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Your second option is to expose the natural texture of the wood column. This is particularly desirable if you have the budget for elaborate carving.
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Finally, in many cases the look of wood columns is needed even when there is no money to be spent on authentic wood.
See also:
Architectural column materials
Architectural columns: their function and purpose