Once you have found your old and nonfunctional bike, you can start with the project. If you place it like that, it would not look like decor. So, you need to prepare it first. You should paint your bicycle in a vibrant or bright color, so it will be noticed. As you can see on these examples, white and pastel colors are commonly used. They will look just perfect.
Once you have prepared your bike, then find a perfect spot for it. It can be placed in the middle of a garden, if you want for it to be the central part of visual interest. Or, put it in a corner. Flower decor is a must. Despite for placing baskets, you should plant flowers around it too.