I used dry-erase paint on the cardboard backing of an old picture and it turned out great. The picture was something I had from my collage years that I wasn't using anymore and the size was perfect for what I needed. I was planning on painting the dry-erase paint on the glass which would have made for a much nicer surface but it cracked before I had the chance. Oh well, it works great and I'm really happy with how it turned out.
I repainted the frame with several layers of old paint in the garage. To get this look I used a white/gray base then added dark gray and wiped some off with a rag. I then added beige and wiped some off and topped the whole thing with the main color Benjamin Moore's Coventry Gray and wiped some off as I put it on. To finish I added some dark gray into the ridges. The original frame was beige and looked a little cheap. I'm very happy with the frame! The color is so soothing. I also really like the dry-erase paint over a regular dry-erase board because it doesn't have that hospital stark feeling about it. It's bright white but still soft on the eyes. It was easy to paint on and left absolutely no odor which I was very surprised by!