Someone has not only draped a scarf valance over a pair of panels in a very innovative way but if you notice they have also "puddled" the panels on the floor. like this for a window where sheer is not fully closed.
This is a unique way to show off lace curtains. The top fabric can be an off white such as this, a different color lace, a print fabric or can be a solid color brought in from accents in the room. The pleating is called "Ripple Fold"