Children's Artwork and Minimalism: How to enjoy their creations while curbing the clutter!

I greatly enjoy and appreciate art and in fact I even studied art in college before I changed my major to theology. I am thrilled that my kids also share a love for art and enjoy coloring, painting and generally expressing themselves through creative designs. I think that arts and crafts are great for their motor skills, imagination, and developing their individual creativity. I thoroughly enjoy every colorful paper they thrust at me with pride and how their little faces glow when I praise their good work.
But how do you enjoy all of their precious creations and curb the immense amount of clutter it creates? That has been one of the main questions I have been asking myself since I have been minimizing the amount of stuff in our home. I want the kids to feel that their work is appreciated and special but it also can't take over every flat surface in the house. From school projects, library crafts to Sunday school projects, and free time coloring it can all add up fast!
I came up with a plan that seems to be working well for both me and the kids. I allow them to each have one (sometimes two) pieces of art on display on the refrigerator door at anyone time  and for everything else I have a small vintage decorative trunk that they are allowed to fill with all of their other creations. When the trunk gets full they have to go through it themselves and throw away or compost what they no longer want to keep.  But they can't keep more than the trunk can hold. So when they have a prized piece of work they have to decide if it will be their one thing on display or go into the trunk. This makes them feel special because they can have something on display at all times and by putting the other things in the trunk they are able to save their projects for a little while instead of watching me say "Hey, this is great!" and then immediately plunking it into the garbage. They have control over what and when things get thrown out to make room for new creations.

How do you enjoy your children's artwork while curbing the clutter? I'd love to hear your method!