I like to cook, and when I am cooking, I HATE having to dig through cupboards hunting for whatever cooking implement I am in need of. I like to be able to reach out and grab whatever I need when I need it.
I have always wanted one of those "hang from the ceiling" type pot racks, but have never lived anywhere where I could have one. But I figured out a workaround. This is actually the third such pot rack I have constructed.
All of them have the same basic principle. Pegboard screwed onto a frame of 1 x 2's...that's pretty much it. I don't have step by step pictures of the process, but it is fairly simple. I will say this, you might want to use some glue or construction adhesive if you are going to be hanging heavy pots from this rack. I think you could probably use it with cast iron pots, just not too many.
Also, do NOT use 1/8 inch thick peg board, get the 1/4 inch, especially if you have a lot of heavy pots.
The other thing about this pot rack is where to put it. This is intended to be a sort of "vertical surface" pot rack, i.e., either hung from a wall or some other vertical face. The first one I made I did by having two pieces of peg board hanging on either side of a refrigerator, with a piece of 1/4 inch plywood going across the top of the fridge. The second was rather large and was hung underneath a shelf in the kitchen. The one shown in the pictures is hanging off the door of a closet in the kitchen of the small two bedroom apartment I live in. If you don't have a lot of space, or if you live somewhere that you can't make "heavy modifications" to your living space (like an apartment), you will likely need to figure out some "guerilla" methods to hang your pot rack.
You will need an appropriately sized piece of peg board. I won't tell you what size to use, but remember that you will be having a frame that goes around the edge, so you will need to take into account the fact that available area that you can actually insert hooks into will be somewhat smaller than the full area of your peg board.
About size. This is a question you will have to figure out for yourself. How many pots do you want to hang? Which ones need to be the most accessable? Do you want space for your pot lids? How can you arrange the pots to fit in the available space and still have them be easy to get to? You may want to get a large piece of paper and do a mock up. I didn't, I just did the best I could to fit what I needed to into the available space, sometimes that isn't enough, which is why I have three frying pans hanging from the very bottom of the rack.
You need the frame for two reasons:
1. To stiffen up the peg board so that the weight of the pots doesn't cause it to flex too much and look cheesy.
2. To offset the peg board from the wall or other surface so that you have room behind for the peg hooks to insert and to keep them from trashing the wall behind.
You will also want some drywall screws and some construction adhesive or other glue to glue the 1x2's to the back of the peg board.
You might consider painting your finished product. I didn't paint mine, I was in a hurry at the time, but it will look a lot better painted. The pegboard in the photos is white, that's because I scavenged mine from a department store display that was being thrown out. (I used to work for K-Mart, and the amount of perfectly good shelving, pegboard, etc. they threw away was phenomenal, no wonder they went bankrupt...)
You will also want a saw and a drill to cut your pieces to size and to drill holes for the screws. 1x2's are pretty thin, and will split if you don't pre-drill the holes for your screws. (or nails, if you are so inclined...I am fond of drywall screws for my projects and almost never use nails.) You might also want some sort of grommets or washers to go under the screws so they don't look so "rustic", but that isn't absolutely necessary. You will probably want some "C" clamps to clamp things together while you drill the holes into the 1x2's.