Here is the original sketch:
I interpreted the circles as framed portraits and the punched border as twine. The swirl on the lower left corner I turned into lake waves by using the edge of a diecut.
The original sketch can be found here : http://scrapbooksteals.stealnetwork.com/wp/2011/11/30/3-bugs-deck-the-halls-mid-week-mojo/
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