Abstract: A multi-piece ornament includes an outer frame, a design piece and a negative. The design piece, negative, and frame are cut from a flat blank of material in nested, preferably concentric fashion so there is little or no waste in material. The design piece is cut from within the negative and removed therefrom to define an ornamental design cutout in the negative. The three pieces may be arranged separately or in different combinations to form a hanging ornament, for example wherein the design piece is suspended within the frame and the negative and the frame are suspended one from the other. The three pieces may alternatively be affixed to a plaque or other display surface with the design piece within and surrounded by the frame, and the negative outside of and adjacent the frame.