My best idea for stroing arts and crafts supplies is using Shoe bags. Many of them have a hanging hook so they can be placed in the closet- out of the way. I use separate shoes bag for different supplies. Some of these bags are also made with zipper pockets which is great for small items or beads. I also use large size fishing tackle boxes for beads and bottles of acrylic paint.
Other items are stored in plastic tubs and labeled so I know what the contents are. A room may only have 4 corners but my cratst room has more. There's a painting corner, sewing corner, sculpting corner and of course writing corner. The corner behind the door is labeled "new idea department". It contains only a chair- for thinking.