A framing system suitable for framing artwork, drawings, pictures and the like and mounting the framed work on a surface includes at least one frame member that cooperates with a plurality of mounting elements to surround the work with the frame member(s) and mount the resultant framed work to a mounting surface. The frame member(s) include a plurality of frame member portions that will be oriented toward the mounting surface when the framed work is mounted onto the surface. Each mounting element comprises magnetic material and adhesive material. The magnetic material and corresponding frame member portion provides magnetic coupling between the mounting element and the corresponding frame member portion that is used to releasably affix the frame members and the work to the mounting elements. The adhesive material is used to mount the resulting framed work to the surface by an adhesive bond between the mounting elements and the surface. Preferably, this adhesive bond is releasable such that the resulting framed work can be easily and quickly dismounted from the surface in a manner that does not impart scars or other damage to the surface. Preferably, the system includes a plurality of frame members whose positions relative to one another can be adjusted and fixed to form a frame that is adjustable to a user-selected size.