Here's how to do it:
I started with a picture frame I picked up at the local thrift store. (I am a thrift store junky, just love getting stuff for cheap) This is the frame I picked up for $5. You'll want to make sure and get one that is big enough to hold your bow collection.
Then I took out the glass and back and painted the frame. I used wall paint leftover from painting the nursery. You can use any kind of acrylic paint or wall paint. I gave it two coats so the black wouldn't show through.
Once the paint was completely dry I used sand paper to roughen up the edges and give it that crafty antique look. The next step is to take a little wood stain (you could go with a light shade, clear, or even a darker one) on a rag and rub in on. This seals the wood and makes the sanded edges stand out a little more.
Next, I took the back of the frame and hot glued a piece of quilt batting to it. Cut the batting out to the exact size of the quilt frame back. It's not a lot of batting so you can use some leftover from another project or buy a craft sized package from the fabric store or Wal-Mart.
This is what it will look like covered.
Then I covered the quilt batting with a piece of fabric. You can use flannel or cotton, pretty much just about anything. I just used this piece that was leftover in my sewing stuff. You'll want to cut this out to 3 or 4 inches bigger than the picture frame back so that it can be folded over and glued on. I used my trusty glue gun to attach it, make sure and pull it tight.
Next you'll want to cut several strips of ribbon just longer than your board and glue them at the top and bottom on the backside of the board. You can use whatever color and style you like. You'll attach the bows onto these ribbons so there should be a little wiggle room between the ribbon and the fabric. (I actually glued them on tight and there was still the wiggle room).
This is the front all finished up:
Then you just put the covered board back in the frame without the glass.