I scan precious artwork or school papers each month and create a digital folder and then recycle the originals! For exceptional masterpieces I bought cheap black frames and each child has one that we place the latest masterpiece in. I leave the artwork in there and when it gets too full I will move it to a hanging file folder. The frame is usually reserved for their and my absolute favorite.
I love having a record of my children’s first stories or reports or paintings. It is also fun to look at how far they have come over the course of the year. I scan things monthly so I just keep a folder and put special pieces in the folder or hang on a bulletin board while it waits to be scanned. Artwork for 4 kids can quickly get out of hand and we hate clutter so the digital copy is the way to go for our family. My kids also like the bulletin board to display their artwork which also helps keep the clutter down on the fridge (yes there are still pieces of art on my fridge, just not as many :).