Note: if using it as a static model in a 3D game, you could remove the unseen half of the pillow to get the total model to 172 tris.

Some tricks I used here:
1. I modeled the posts separately from the rest, then did a boolean union. In Blender you have to clean up the resulting facets a bit.
2. Created a simple blanket and subdivided a ton. The blanket started parallel to the bed, flat and floating above it. I used the cloth simulation, the Denim default. Once I liked the result I applied it to the blanket mesh.
3. I 3D-traced out a very low poly blanket, then baked the normals from the high poly blanket to the low one.
4. When UV-mapping the bed I positioned the parts so that the wood grain all ran the same direction. Now, any wood texture with vertical grain will look right on this model.
5. I also have a cloth texture on the blanket. It adds a lot of believable grain and ripples on the top surface.