When I saw this how-to on Craftster a while back I fell head-over-heels!  Check out the full instructions and forum feed here. The author admits:

I've always wanted an antique sunburst mirror. The only ones i've come across that were of decent quality were well over $500.
So when this challenge came up I decided to make one.  So with a Jcrew catalog and wood base and mirror I finally have one for cheap.

 STEP ONE Roll magazine pages into tight rolls of various length and begin placing and gluing around mirror (Check out this Threadbanger episode for different methods to do this)

When you finish gluing around the mirror it should look like this:

STEP TWO Careful to cover mirror, spray paint it all silver (or desired color)

And now you're done!

 I had enough magazine dowels left over that I made a smaller version too, I was thinking about leaving it unpainted but the colors
of the left over dowels weren't as fun.  So I think it might end up bronze or maybe a hot pink...

 Enjoy!