My kitchen wall

This is a picture of my kitchen wall:

Ever since Olivia started Pre-K this year she comes home with oodles and oodles of artwork.  I mean sometimes she comes home with 4 or 5 huge paintings in one day!  What the heck am I supposed to do with all of it?  I already have a file in my filing cabinet of special projects or our favorite ones and then I try to hang the rest up but as you can see I am quickly running out of space.  Not to mention this is not the prettiest wall you have ever seen I am sure!

So here is my question to all of my Mommy friends?  Is it ok to throw some things out?  I know some people (like my mother-in-law) just read that and gasped.  (Love you "Mommy in love!")  But seriously what am I to do with all of it...and don't forget I will have another little artist who will be coming home with just as much art work in a couple years.  Anyone who knows me well knows I hate clutter and I pretty much throw everything out.  If I can't find something Brad always jokes and says well you probably threw it out.  I'm not going to lie, you may have been able to see me searching through our dumpster looking for that $10 off $25 Fashion Bug coupon or my address list because I accidentally threw it out.  Anyways, this is the one thing I feel guilty about throwing out.

So what should I do?  What do you do with everything?  Give me some ideas people!  By the way this is what I am hoping my wall will look like one day :

via Pinterest (of course!)