I've done this project before for really inexpensive art.
This one was a gift for a friend but I love all the different prints in this wrapping paper (yup, it's wrapping paper!) which I found at www.zingdesign.ca in the Park Royal Village but I know I've seen it at other places such as www.thecrossdesign.com for only about $5.00.
The frame is the NYTTJA frame from Ikea for only $9.99.
I know I will be doing this one again!