Wash the figs and remove the stalks.
Place the sugar, balsamic vinegar, olive oil and lemon juice in a saucepan.
Add half the water if using dried figs. Bring to a simmer to dissolve the sugar.
Add the fresh figs, cut into 4, and leave to stew for about 20 minutes. Stir often enough to prevent the figs from sticking to the bottom of the pan. Add salt and pepper to taste.
For dried figs, cut into small pieces and add to the syrup. Leave to simmer half-covered. The figs, as they rehydrate, absorb more water. They should be very tender; if not, add the remaining water and let them simmer. Season with salt and pepper.
Put into jars and let cool before consuming. It keeps for several months in the refrigerator.
This fig jam recipe will be perfect for most of your appetizers, on toast, blinis, etc. It's always a delight.