In the office section at HomeGoods, I found this paper organizer and a pen caddy which both worked perfectly for storing the often used art supplies. The paper organizer even has a place for pictures in the front. Eventually, I'll convince Elizabeth (or Alex) to make her own pictures to put in there but for now these are the photos she chose to display.
On a side note, the crayons in the red plastic box
How do you keep your own or your kids' art supplies organized?