The current week's stuff is proudly displayed on the refrigerator. When we get the next week's batch, all the previous art, etc. goes into a box that we've designated for temporary storage of these papers.
At the end of the school year, which is quickly approaching, I plan to go through the box, recycling any 'canned' artwork--like coloring pages and art she accomplished by pasting pre-cut pieces together--and keep only the contents that have lots of meaning to us that showcase what she was capable of at this young age. This will include special pictures she has drawn from scratch, theme papers (these are super cute when your child is just learning how to read and write) and original art creations.
I just purchased a stack of 12 x 12 inch black cardstock. I plan to mount her special drawings and artwork on those pages. Later, I'll hole-punch the cardstock and bind her artwork into a fun 'book' that we can enjoy now and that she will have to show her kids when she grows up.
For the artwork that's too bit or bulky to fit, I plan to have Amanda hold her art and I'll snap a photo of it--the photo will easily fit into the book and we'll get rid of the original piece.
It's very important to be discerning. I plan to limit myself on the art work, themes, etc. that I keep to no more than 25 pages per school year. I look forward to this project and can already envision the fun end result!