A picture frame assembly comprises a first background panel for affixation to a wall surface, the panel having at least one aperture for releasable insertion of a picture frame therein. Tabs on the rear of the frame releasably secure the frame to slots in the panel for display of the frame in a wall hanging mode. Molding about the frame overlies the defining edge of the panel aperture. Removal of the tabs from the panel slots allows the frame to be disengaged from the panel. A leg on the rear surface of the removed frame supports the removed frame on a horizontal surface. The assembly thus presents structure allowing for picture display in wall mounted or stand alone modes.