I've had to spend big bucks on frames in the past, due to artwork or silkscreens that were of a very odd size. However, if you're lucky enough to have received a pretty piece of art that's a standard size, I've found that Ikea's Ribba Frames ($3 and up) are a great option. They come in different colors and sizes, are already matted, and are quite inexpensive. I've also had several of the larger Ribba frames in my home for at least two years, and they've held up very well, even given some minor earthquake tremors.
Looking for something a little more out of the ordinary, or simply a different option at a reasonable price? Check out my finds below.