The April issue of Real Simple showcases a playroom make-over. We noticed the Alex Drawer unit and thought it was a great solution for storing a child's art supplies, or anything else for that matter.
The playroom in Real Simple (not online yet), uses it as a workspace as well, so a child can paint or do other projects on the surface of it. What's nice about it is that it can easily adapt to a pre-teen and teen's room, or even end up in an office later on. It's $119 at Ikea.