What are they for?
Ceiling Medallions are often seen in older homes and usually are an accent to chandeliers and lighting fixtures. If you're purchasing them today, they are typically made of Urethane, however you can find them in plaster and also wood.
Prices vary depending on size, material used, and detail. The larger, detailed pieces made of wood are going to be far more expensive. You can get some that are simple and smaller from around $15.00 and up. Again, size, material and level of detail play a big role in the costs. Are they worth it? Well, that is up to the individual. However you can also make one yourself. See below.
While they are lovely to look at, they also are helpful at covering up unsightly holes where one may have had to cut a raw opening to install a fixture where none formerly existed. Sometimes this leaves a larger than needed hole and in some cases the lighting fixture base is not big enough to cover the hole. In that scenario a medallion can not only make the light fixture lovely but cover up a less than ideal installation. Ceiling Medallions have not escaped the imagination of home owners and home decorators though, as they have turned up in a lot of creative ways too, just as wall decor, and small ones have even been used to flank door knobs.
So lets say you have a specific look in mind and you don't want to pay an arm and a leg. Let's say for instance you have some mill work left over, and some handy items like a miter box. You can create your own. Now you may not find it easy necessarily to make a "round" medallion, however this octagon shaped one was not difficult and it cost very little to make.
The next time you're doing a renovation, don't over look the possibilities for interest and beauty that can be found when you look up!