Do you have age group in mind?
Here's a few ideas:
Playdough - roll long snakes and make a face or flower picture, You can even make your own playdough with the kids.
This is my all time favorite- Save all interesting things like cardboard, caps from milk jugs, foil from the coffe can, egg cartoon. Then have the kids create something, it does not have to be realistic. It's fun to cover a old pasta box with foil and make a robot.
Long roll of paper - make a banner, we like to do a theme, like easter or what types of things should we do this winter. this is fun to have a few kids to join in and do. We have done this at easter or birthday parties. I like to have out an ed emberly book drawing books related to the theme for inspiration.
Make books - Loreen Leedy has a great kids book on this for inspiration.
Nature crafts - lots of books on this at the library. Painting rock like bugs is fun
Get a long piece of burlap type fabic, that kids can stick stuff in or sew. use buttons, feathers, pipe cleaners, etc. You don't need a plan just have fun.
We wrap all our birthday gifts in white paper from a roll and then the kids decorate. They make all the birthday cards.
The kids make Valentines for all their class mates. We start a month ahead of time and make it an ongoing project.
If you can manage it take photos as the art is created and put into a photo album. This is a nice way to keep it without having so much around the house piling up.
I could probally go on for days. This is a fun idea for a thread.