I had my first exhibition in June and had to do everything on a shoestring budget.
The venue was an old 18th century ballroom on the top floor of a club, so I wasn't allowed to hang anything on the walls! When I heard that, I though "ok fine, I'll just get some painter's easels and display the images on those". When I got home I thought about how many artists I knew and how many had more than one easel (it was a small total).
Then I thought "Hell with it, I'll make the easels myself (13 of them)", so I did that and it worked out to be pretty economic, considering the materials were not hugely expensive and most of the cost was my own labour.
I did a lot of shopping around, basically, looking for the cheapest frames I could find. I also considered making them but even though I had time on my side, I didn't have enough to make 26 frames of any good quality (woodwork is not my strongest skill).
Most of the money I had saved went towards the purchase of frames from Ikea. I spent a lot of time deliberating over which ones, which colours, what size, value for money, etc.
In the end, I got some nice 40x50cm and 50x50cm with a dark brown/almost black frame and cream board. This was the best I could do to frame 26 prints on my budget (probably the amount you'd pay to frame one or two photos approx the same size with museum quality materials!).
I figure if someone wants a print of a different size or in a different frame, then that is always possible.
So the standards I set for myself were high, but my budget was pretty low.
I just did the best I could to present my work and I even sold a couple of prints! So I was really happy and had some great feedback, which was quite encouraging.
The two articles above by Dave Kachel were really helpful, and next time I will be thinking more about materials and sizes of prints.
Couple of pics from the day:
http://twitpic.com/31civv/full
http://twitpic.com/31cl3f/full
http://twitpic.com/31cnc9/full