Recently the Mormon church has developed a new gospel art book, not necessarily to replace the old gospel art kit but to simplify things. The gospel art kit was hundreds of pictures and photos to represent different doctrines or ideas unique to the Mormon faith. The LDS gospel art book is a slimmed down version of just the essential paintings and images at a very reasonable cost. You can purchase one at your local distribution center or on the church's website.
This book is a good resource and is loaded with a lot of LDS and Mormon artwork. It is thin and spiral bound, the pages are very durable which allows for younger children to look at the pictures without worrying to much about them damaging the pages. It is also very portable, which makes it easy to bring to church to use for lessons, or just as a quiet activity for your children.
The book includes old testament, new testament, Book of Mormon, church history, and modern day examples of living the gospel. LDS art plays a key role in family home evening because you are able to show examples of difficult concepts to children. The Old Testament is very complex and hard to understand; however, images of stories such as Samuel being called of the Lord or Adam and Eve help children visualize the stories of the gospel more easily.
The church works hard to create items such as these to minimize the cost to members and allows them to have resources they can share with their children to make understanding the gospel an easier experience. The church has also made a DVD set of the Old Testament to help make the stories more simple to not only children but for adults as well.
If you do not have a gospel art book or the DVD set you can always obtain one through the church. If cost is a concern you can always ask your ward or stake materials specialist to obtain a copy for your meeting house library which will actually benefit the entire ward.