A well-executed portrait is expected to show the inner essence of the subject (from the artist's point of view) or a flattering representation, not just a literal likeness. 
As Aristotle stated, "The aim of Art is to present not the outward appearance of things, but their inner significance; for this, not the external manner and detail, constitutes true reality."  
Artists may strive for photographic realism or an impressionistic similarity in depicting their subject, but this differs from a caricature which attempts to reveal character through exaggeration of physical features. 
The artist generally attempts a representative portrayal, as Edward Burne-Jones stated, "The only expression allowable in great portraiture is the expression of character and moral quality, not anything temporary, fleeting, or accidental."
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