Silversmith Lee Skalkos can re-create any drawing in sterling silver. You choose from a key chain, a pin, pendant, or cufflinks and you'll even get your child's name and date engraved on the back. You'll see their work of art everytime you take out your keys.
Another idea: Create an art portfolio by taking digital pictures of their art or scanning them and creating a bound book over at Shutterfly.com. If you've ever created one for your photos, it's the same idea.
Pottery Barn Teen will actually turn your child's art into a wall mural. For $199 they'll create a four-by-six-foot canvas.
Here's one last simple thing you can do. Go buy a few boxes of those photo frame cards at the stationary store and slide in your child's artwork. Now you can spread the wealth around and we're sure the grandparents, teachers, and aunts and uncles who receive them will cherish them.