In the course of searching for clues on my bookshelves and the internet, I came across this quotation from Philip Larkin when he was Booker judge. It really provides all the criteria you need to judge a work of fiction :
Personally, I found myself asking four questions about every book: Could I read it? If I could read it, did I believe it? If I believed it, did I care about it? And if I cared about it, what was the quality of my caring, and would it last? I came to think that quite a number of novelists – and for that matter poets too – might do well to imagine a reader asking himself such questions about their work, because, to be honest, very few novels I read survived as far as question four. Far too many relied on the classic formula of a beginning, a muddle, and an end.