Swags in all different arrangements, have long occupied the center stage of curtain making. The most beautiful colors, or the best silk and tassle will lose its charm if the proportion, application and form is not what it should be.
Someone has not only draped a scarf valance over a pair of panels in a very innovative way but if you notice they have also "puddled" the panels on the floor. like this for a window where sheer is not fully closed.
This is a unique way to show off lace curtains. The top fabric can be an off white such as this, a different color lace, a print fabric or can be a solid color brought in from accents in the room. The pleating is called "Ripple Fold"