If you're inclined to repair a bald spot on your velvet frame, here's just the ticket. It's a technique called flocking and you can get supplies here for under 10 bucks.
You simply dab the acrylic adhesive onto the bare area, fill the applicator with flocking and squeeze the applicator over the damaged area. Let it dry and remove any loose fibers. Once cured, it will look as good as new.
BTW, I ordered a fixed frame this week from HTdepot and will be retiring...