I've been more discerning about the art supplies I purchase for the kids. If you've invested good money in high quality supplies, you'll want to take care of them and teach your kids to do the same.
The best way to encourage a respect for their belongings is to make sure there is a place for everything. A plain jar will do the job but to step it up a notch, try making something like this DIY rustic pencil holder we found over at Strawberry Chic. It's basically free if you manage to find the right piece of wood in your backyard. And if you drill the same number of holes as you have color pencils, you'll always know when one or two are missing. For step-by-step instructions, run over to Strawberry Chic.
(Image: Strawberry Chic)