We had to put something on this wall, it had been bare since July 2009. So, I opted for a really cheap fix: thrift store frames. I collected a bunch of these frames, some that even had crazy mushroom paintings from the 60's, removed any/all inserts that the previous owners considered "art," and began painting. Took a few coats, but we like the results. And, it probably cost me around $15.
TIP: To hang your frames, first take a large sheet of butcher paper and roll it out on the floor or table. Then, take your frames and lay them out to get an idea of how you want them hung up on the wall. Once you've made a decision, trace the frames. Then, take that sheet of butcher paper, tape to wall (lightly), and hammer nails at the top of each outline of each frame. Once that's done, simply remove the butcher paper and hang the frames.