Buy frames from your local discount store in a colour theme and fill the frames with things that match your colour or subject theme. I used things I had laying around the house. This collection includes scrap-booking paper cut to size, material off cuts from some potholders I made and black and white family wedding photographs.
The entire collection cost me under $15.00 (and half of that was for the silver scrolls middle frame- but I figure it kind of makes the rest of them look more classy) and would look beautiful with the frames individually wrapped in tissue paper and popped in a box with a big ribbon for presentation.
Tip: Be creative with your theme to make sure it matches the décor of the house and the interests of the recipients. My black and white frames were made for a black and white French guest room boudoir.