I like the black & white theme you've chosen. it is both formal and contemporary. Consider grey for your walls. Grey will work well with the black and white and the lighter wood tones. I'd also paint the trim in a warm white. It's a classic, timeless look. It's hard to tell from the picture, but your curtains look green... are they? If you want to interject red, a pattern with a bit of red in the curtains and/or in the rug would work. Another option is to line the curtains in red so that the red shows a little where it's being held back. Although I am not a huge fan of yellow, for some reason, I see a small dose of yellow in place of the red/ Since you want a more formal look, consider a ceiling medallion.

Any suggestions on how to tone it down?

The curtains are actually taupe and black

You can work with the red but I think the furniture style and color might be out of place. Great chandelier. I noticed the baseboards are black. If you want to keep the crown white go with a very high gloss white to set it apart from the ceiling. Consider the same if you go black. What color and material are the floors? I like your two pictures but a dining room needs artwork. Replace them with one large piece to define your style. Also, nice trim (matching your crown color) around your arched open doorway would give you that classy formal look and divide such a strong color from your other walls. I'd probably recover those chairs with a solid white.

I want to keep the furniture so maybe I should change the wall color? The chair material and curtains are taupe and black.

I would definitely go with Chandani's grey idea then.

What about keeping the red (so fun) and toning it down by painting the ceiling a camel color? You could add some lightness back in by using white/cream in your table or wall decor.

The pediment china cabinet may be the fly in the ointment here - not contemporary feeling. Does the pediment screw off and on? Try removing it and consider refinishing the cabinet. Maybe in black???
Check new product for that at rustoleumtransformations.com. Try crystal pulls on it to match the ones on the chandy (which BTW seems a little big for your table - overkill I think.)

I would paint the wood work white and add OG Boxes and a chair rail, all painted white. You could leave the upper part of the wall. The OG Boxes would lighten the room and give it an elegant, charming atmosphere. If you wanted more red on the bottom part of the wall you could paint just the molding and chair rail white and leave the red inside the boxes. Lovely room, though.

I would also have shutters in the window instead of the heavy drapes.

HI - The room is a little heavy looking and more traditional than contemporary . I think if you painted the ceiling with a pearled creamy white (Ralph Lauren Paints) to give the room some luster. I think the chandelier is too dark , it would maybe look better with a light linen shade or a cream white silk shade.The drapes are elegant but would look more contemporary not tied back -just hung straight and more open to the sides . Maybe add some under sheers or some relaxed soft romans in a sheer fabric that looks like silk.The furniture is real nice but buffet /consoles are used more now rather than glass hutches/china cabinets. And matched furniture sets are not done anymore , Maybe add two formal host chairs for the ends of the table. The red walls are great for dining rooms , I think other features need to be lightened in the room thats all .For Art maybe some floral or architectural prints or oil paintings but in lighter cream or gold/silver wood frames. Add a random cluster of assorted crystal candle holders and vases /objects on the table . Or some cream luster looking decor items. So I think a few changes like this might help.

If you want to go more contemporary then I would suggest investing in new dinning furniture. It is too traditional. Contemporary designs have a bold color like you so you are on the right track. Love the ceiling fixture and your two b&w pictures work well. I would suggest not having your window treatments tied back...let them hang like side panels. Look into some new furniture...black or a dark wood and you will see how nice it all comes together.

Red walls are not suitable for dinning rooms. The energy is to active and not conducive to relaxed dinning and conversation. Some red decorative accents would be better if you want to infuse some color into the room. Definitely pull back the window panels and lose the tie backs. It will bring much more needed light into the room. Some light weight shear panels in front of the windows would be okay if you feel you need some privacy. I would love to have seen the chandelier lighted to get an idea how it looks while the room is in use. Not lighting it makes it look sort of odd. The pictures may not do the lighting justice. The wood furniture color is too matchy matchy for my taste. If you don't have furniture replacement in the budget I would consider painting some but not all key pieces.

I mean this with love...It isnt contemporary. Its very 1983. The glossy. The red, black and white and "neo-classical" style and light wood. I just dont think this room gels. The colors might work with different furniture or the furniture might work with different colors. None of your pieces are bad, they just arent working as a team

Decided to change the color on the walls. Any suggestions? Willing to move away from the contemporary look too.

Out with the red, it's horrible. Consider painting the walls and ceiling a nice medium grey or cream. I'd remove the glass portion of the cabinet and just keep the hutch. Let the drapes drop and push them to the sides, tied back is not contemporary and i don't think it's elegant either, reminds me of my great grannies drapes......just saying :)

@candace66, I think the issue is that when a dining room is very formal and very decorated its always gonna feel granny. "Dining Rooms" are just old fashioned period. They more or less end up being over decorated hall ways.

I would pick up the taupe you are currently using in draperies and upholstery, and paint the walls in that family. I then would paint the ceiling in a very low sheen black.

Right you are larryhinkle, maybe best sometimes to ask yourself is this the best use of space sdutkiewiczs. Since you're up in the air over color and style are you sure you really want a dining room.

Thanks Karen. Love that idea. What color should I do the baseboards and crown moulding?

Karen the wall colour idea is absolutely Stunning , but Black on the ceiling , wont that be a very overpowering ?

I've pasted a picture for thought. I also like the idea of transitioning the crown up onto the ceiling, as seen in the picture. I would do the baseboards same as the crown. You might want to add an area rug that picks up your taupe, black and white. You can paint the black ceiling in a matte black which will make the ceiling recede. If you do a sheen your ceiling must be completely smooth.

Karen's idea is spot on. Appears you have at least 9 ft ceilings so you can do that. Look at the possibility of removing the shade on your chandelier. It does appear oversized for your table. Paint your crown moulding an off white or lighter shade of the Taupe you use on the walls. Paint your baseboards this color too. Do as others suggested and allow the drapes to hang on either side of the window. Since they currently puddle, consider hanging them higher for a more dramatic effect. Lastly, the room appears it may get limited light, so while traditional, consider a large mirror instead of the smaller pictures. If you prefer art, you need larger or more art on that wall (grouping???) Good luck with your room. Found a picture online with these colors.

Lots of ideas...if you are keeping the red (my formal areas are cranberry red and I love it and so does everyone that comes into my home), and are keeping the black baseboards then I would paint the ceiling the taupe that is in the drapes then paint the crown moulding black also. I agree...the drapes pulled back is not a contemporary look. So, I would take off the tiebacks and raise the rod so that the drapes don't puddle, and then just push each panel to the side of the window. Love the drum chandelier! I would add something over the two black framed pictures, like a decorative piece if black wrought iron and I would find or make a beautiful table runner for the table(try zebra), to break up all that blonde wood. Then add some large candles...scale,...Very important! Now, if that pediment that is on top of the china cabinet comes off...take it off...not contemporary either. It is probably screwed onto the top. Then add a vinette of tall candles, a piece of greenery and a statue of something...owl, birds, horse head..whatever you have...just bring the eye up.I see one more thing that you coul do, however, not necessary, paint that white door black too, just the door, not the trim!
Good luck! Hope you post some after pics!