It's really quite simple

To answer some of your questions, I'll give you a little run down on how to make the bow holders.

Find an old picture frame that you don't use anymore.

Decorate it.

Since my large frame was a flat, wooden one. I decided to use a little mod podge and some leftover fabric scraps.

The smaller frame was the perfect color so I just decided to add a bow.

Once the frames were all decked out, then I hot glued strips of ribbon to the back of each frame.

The more strips, the more bows will fit. (I ended up adding more than I thought.)

Once it's dry, clip the bows onto the ribbon and walla!

You're finished.

Last, but not least, find a nice place to hang on the wall.

You can't get much easier than that.