Most of my paintings are in the storage. But my kids drawings and craft items are on the wall. I keep the kids art if I think they did great job and the item is easier to keep. Otherwise, take a photo of it and say good bye.
I color and keep them on a treasure crest - large old box. It maybe nothing to you but come a time of your life were we share those moments to our kids or to other kids, it's like having more fun with them.
The last time I colored was on a plane to India in September, 2003, where I was singing with an 8-man group. I left the coloring book and crayons with the orphans there. If "coloring" can be expanded to "painting" then every room of the house is my artwork, complete with complementing trim work.