Your concept will work fine. I would use Roxul or OC703/705, cut up in layers and then wrap the entire thing in a colored acoustically transparent fabric (perhaps black), then cut a circular piece of decorative wood to place on top of it so that the wicker basket turns into a stand. Be forewarned that some advertised "acoustically transparent fabrics" are actually NOT. Guilford of Maine FR701 is not bad. Acousticmac also sells acoustically transparent fabrics that also measure well. Don't assume that any old fabric will do (if you are trying to treat frequencies >300 Hz), however for midbass, and bass, you don't have to be so concerned (<300 Hz). Also consult with Nyal Mellor of Acoustic Frontiers on this subject as he has tested many of the touted 'acoustically transparent' fabrics. The devil as usual is in the details.
Do understand that just doing 1 wicker basket this way will make little difference to your room's response. What you want is a lot of wicker baskets thrown around the room and cumulatively, it will start to make a difference.
At some point you will have to ask yourself if the expense is worth it versus the usual DIY panels or GIK's stuff. I gave up on the DIY method of bass trapping (except for my ceiling where the peripheries serves as a humongous bass trap) once I calculated my own costs for building up these panels.
The DMD stuff is also good: https://www.acoustimac.com/dmd-acoustic-fabric/