While browsing Pinterest, I did a search for "Julia Child Pegboard" and I liked this blog the best: http://katymcarter.com/2012/03/kitchen-reno-part-1-the-julia-child-pegboard-pot-rack/
My husband and I followed her directions but changed a couple of things to fit our needs. Originally, I was going to paint the board but ultimately liked the dark, unpainted look. These are the directions from Katy M. Carter's blog:
You just need a piece of pegboard from your local hardware store — and if your board doesn’t come with them, make sure to pick up a package of hooks. While you’re there, go ahead and pick out a quart of paint, and some primer will help too (we had primer already, and used a $5 sample paint from Sherwin-Williams that had been a discarded kitchen color). If your board doesn’t come with spacers, you’ll need some small scraps of wood to use for that purpose.
Cut your board to size, and prime/paint it. Then using 1/4″ spacers (the board can’t sit flush on the wall, or the hooks won’t go through the holes — we made this mistake in our previous home’s laundry room), screw the board to studs in your wall. Tim used 8 screws for our 2×5.5′ board. Touch up any paint flaws (paint over screws), let dry, and arrange hooks as needed.
What we did differently: we did not paint the board; for spacers we used the nylon washers (see slideshow); we bought a pegboard already cut to size.
This is a very cheap project. For us, it was less than $15 and possibly even $10 depending on the size of your pegboard. Also, the pegboard came in two different colors: white or brown. If you decide to paint, be sure to use primer or a paint with primer included.
VERY IMPORTANT: use a stud finder. If you don't already own one--get one. The one we have was not expensive. We already had it so that expense was not part of the project cost. I do not recommend using drywall anchors since cookware can be heavy and you want it to be very secure.
If you are a fan of Julia's, you may know she drew an outline of each piece of cookware on the pegboard. Even though that is cute, I did not. You ask why? Well, my cookware will change and I did not want an outline; that would be too permanent. But I do suggest once you have your cookware arranged on the pegboard the way you like it-- take a photo, print it, and put it in a nearby drawer. Luckily, I had taken a photo knowing I was going to write about it. Whew--lifesaver for me!