I love this idea shown here from HGTV.com. Coordinate fabrics and simply make drapes to create a stunningly rich headboard or accent for your bed. It's like a four-poster bed without the claustrophobia. Make a valance, two side panels (single width of fabric is all that's needed), and gathered fabric for the background. Attach to a cornice that's anchored to the wall. Voila.
But the details are critical here and what makes this look so luxurious. See the trim at the top of the valance. Not only does that cover up how it's attached to the cornice, it also adds incredible detail. See also the fringe trim across the bottom of the valance that matches what's used on the the side of the panels.
You could have a designer make this for you, but with a little bit of sewing and studying of pictures, you can do this yourself. Also, check the sewing fabric books as many have patterns and instructions for making most any drapes, and you'll likely find some that do exactly this.