A wall-mounted storage rack assembly facilitates storage of articles such as bicycles, lawn care implements, tools, and the like by providing a pair of independently pivotally movable support arms, which are pivotally supported on an associated mounting bracket. The support arms are independently movable about respective pivot axes arranged in intersecting, angular relationship to each other, whereby in a lowered position of the support arms, they are arranged in a generally V-shaped, diverging orientation, while in a raised position of the support arms, they are positioned more closely together in a relatively compact configuration. By this compact configuration, efficient storage, shipment, and display for retail sales of the storage rack assembly is promoted.