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You may want to buy a bolt of inexpensive fabric in a color you like and upholster the wall! Use small tacks or a cable system to hang the fabric like a big curtain.
Tack fabric to wall then use cheap wood trim you painted to match existing wall trim or a coordinating color. This works well on a windowless wall behind the bed. Then buy one of those picture frame/shelf sets to display art/items. This will also anchor the fabric.
Check out model apartments for ideas see here:
http://www.erc.com/guide/model/images/photo01_640x480.jpg
Hope that helps!

From Georgia