Our small sitting room is my favorite room in the house. It's important to have it be cozy, isn't it?
I would add a cute lamp. :)
Could you maybe center the art and loveseat on the wall and then square off the chair a bit more? I do understand that the opening to the DR is there. Maybe add sconces too on either side of the artwork.
What about adding a small seagrass or sisal area rug, too?
Good luck and keep us posted on your progress.

It would be helpful to post a picture of your DR also.

Check out the side tables at West Elm. I've seen some of them on Candice Olson's show and they are reasonable priced. There is a mirrored one that I think would add some dimension and light to your room. Check out the cocktail tables also.

Not sure what you are going for since your art is very traditonal and your furniture is very modern which is kind of throwing my eye off which can go eclectic with the right elements. I guess what I am trying to say is, the art work is not working with my eye but that's my eye. It seems it's working for yours and you like it which is all that matters.

I would warm the room up with an oriental/perisan type rug which looks great with modern furniture, if you want to mix it up a bit. Not seeing seagrass or sisal at all in that room.

What a pretty room. What about instead of one framed piece, having more on that wall like this...

[contemporary living room design[(https://www.houzz.com/photos/contemporary-living-room-ideas-phbr1-bp~t_718~s_2103) by new york photographer Vanni Archive

or...

[contemporary family room design[(https://www.houzz.com/photos/contemporary-family-room-ideas-phbr1-bp~t_720~s_2103) by san francisco interior designer Amoroso Design

Good luck!

To add height, use vertical artwork instead of horizontal. I vote for three pieces of the same size. Hanging evenly across the back of the room (not centered over the loveseat).

I would use a larger table between the chair/loveseat and add a lamp.

I like to start a room plan by defining its purpose. How do you use this space or intend to use it? Will it be a space to sit and read? If so you need a table and lamp that will make that work, maybe a shelf or small bookcase to hold reading items. Is it a space for adults (it's obviously not a kids space!) to have conversation? Then the seating should be turned to make that more comfortable and you might consider tables (end or coffee) to allow a drink to be placed within reach. Is this room just a pretty space to pass through on your way to somewhere else? And I don't mean that as a judgement since sometimes that just happens with certain floor-plans. Does the room get any natural light to support a plant? Let us know what you see in your mind for this room, then it's easier to help.

Hm, the purpose of this room... is actually all of the things you said, LOL. First off, it's a room that isn't "really" needed... it was supposed to be the dining room, but it's very small and wouldn't fit our table, so we moved the dining room to the next room over. So, you pass through this room to get from the kitchen to the dining room, so there needs to be a clear traffic path.

We have a den that we sit in to read, but this room has french doors (on the wall by the plant) and has the best view of the woods, so we wanted to put some furniture in here so that we could read and also look outside. There is plenty enough light for reading, since there is an overhead light, but I could add lamps for the "look", and also so we don't need to turn on the overhead light if we don't want to.

The other purpose of the room is for guests to sit in while I'm in the kitchen finishing up dinner, so that I can be part of the conversation. Eventually we want to knock down the wall opposite the sofa so that it's open to the kitchen, but that's a long ways down the road.

And someday when we have kids, it will be a place for the kids to sit and do homework while I cook dinner, but by that time, we will completely re-do that room for that purpose. The furniture that's in there right now, while brand new, is really cheap, so we don't mind getting rid of it when the time comes.

There really is no other way to arrange the furniture, since the opening to the dining room is on one end and the french doors are on the other end. The wall opposite the sofa is pretty short since it also has the door to the kitchen. On that wall, we have a console that has a wine rack and cabinets.

The artwork is just something I grabbed off art.com for placement purposes. I will most likely be using framed watercolor prints or photographs from our travels.

Perhaps if you angled the small sofa across the right-hand corner slightly toward the small chair?

Add a couple of small tables -- one with a table lamp on the right-hand side of the small sofa-- and one with a standing lamp behind the small chair.

Maybe add a small bookcase on the wall space between the two -- it would sit below the chair rail. And then add a vertical row of photos above the chairrail?

I like what you have done. I would put a floor lamp by your chair, and put the ottoman in front of the loveseat/couch, like a coffee table. The cute table with the plant on it....I would put it flat against the wall. I like your artwork and the fact that it is centered over the loveseat/couch is the only way to have it IMHO.