Make a Built-In Cabinet Tutorial: Though more time-intensive, built-in storage is a win-win and doesn't take up any extra space. In this example from J. Korsbon Designs, a built-in jewelry cabinet is found behind a mirror.
Free DIY Project Plan: Learn How to Build a Jewelry Organizer. I know this is how to build something for jewelry, but wouldn't it be awesome to build it and modify the front to hold pictures and the inside for art stuff?
If you have a large empty wall, you can go in between the studs to create an accessory closet insert and make a mirror door. Such a great way to maximize space! (I like this for the wall color as well as the accessory closet)