With Pier I as my inspiration, I chose a glossy black metal paint and topped it off with these wicker baskets I found at the Old Hadley Flea Market last Sunday. I must have spent 15 minutes in this one booth - the seller was Scandinavian and she had a bunch of great stainless kitchen organizers, IKEA accessories and obviously loves baskets as much as I do. I paid $3.00 for all of them.
I probably should have taken measurements in case they didn't fit, but I figured I could always use a few extra baskets if they didn't work out. Now the baker's rack has been transformed into a handy bathroom organizer -- perfect for my other daughter's first apartment.
Total cost of project: $8.00 plus cost of paint.