I buy about 6 yards of 60" wide stretch velour. It has to be the stretchy kind because it doesn't unravel, it curls a little on the edges, but doesn't unravel. If you're handy with a sewing machine or sewing tape, you can make a pocket at the top and bottom to hang it. You can use two 3-yard pieces side by side, and that pretty much will cover a lot of territory. The velour is usually inexpensive - around $6 a yard (here in NYC) - made of rayon or poly. First, I preshrink it in the machine and throw it in the dryer. It doesn't wrinkle and can be rolled up in a ball without much wrinkling. By preshrinking it, you can then throw it in the washer/dryer when it becomes dirty again. It comes in nice rich velvety colors; I even found a tie-dyed purple. If you hang it with the nap down, it gives a silvery look or if you hang it the other way it gives that velvet look.
When I suggest velour, it's not the sporty kind of velour I have in mind, it's the one that resembles velvet and is usually made of rayon, but isn't as high maintenance as woven velvet. True, the pile on it isn't as rich-looking as velvet's, but it's low maintenance. I'm an experienced sewer, and take it from me, velvet is difficult to maintain. Actually you can press velvet if you have a thick towel or a needle board. Place the fabric pile side down onto the folded up towel and hold the steam iron close to the fabric but not pressing it and give it some shots of steam AND PRAY. Always best to do a test first in a hidden area or on a scrap. That's the great thing about the velour - it doesn't wrinkle. It's called by various names: panne velvet, stretch velvet, as well as stretch velour.