If you could post a couple pictures of the full room, you'll likely get lots of ideas. Upon first glance, I would think there may be other ways to make your space more contemporary without replacing your lovely rug.

Thank you Manon, I'll do that when my husband isn't sitting on the sofa, hahaha.

And thanks, Linlac, I like the use of iron in the tables and lighting and I guess I could do contemporary.

Here's a Sherwin Williams "read" on the carpet colors. I think painting the walls could help you achieve the look you're after.

Keep the rug. It can last another 100 years. If you want a change, do it with something else.

would you consider a mirrored coffee table for a contemporary look?
ref pic

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Decoenthusiast, I really like the those colors, especially Adaptive Shade. It looks as though it would be easy to use that shade of "Grey-iege"

Sandraclark, thank you for your comment..... I was going to get rid of the rug for a more contemporary pattern but maybe it will work.

Anne dee, That furniture looks similar to mine although the arms are more linear....I like the zebra cube over to the left.....Thanks!

Go to your SW store and pick up some of these color strip cards and some sample pots of paint. Then get large white poster board and paint a 12-15" square in the center. Move these around your space over a 24 hour period or over a few days with varied amounts of sunlight, to see which one works for you.

I would like to see a red chair with that still great looking rug. Hubby would like the $ saved.

You are right! he does like to save money!!!

A modern coffee table and wall paint will change the feel of the room, as suggested. Keep the rug.

I have almost the same rug with blues and paid about the same amount 25 years ago, so I know the feeling. If it helps, we moved ours into the dining room and it took on a new life there - perhaps an idea for you - move into another room? Changing the rug in the living room made a big difference and it doesn't have to cost as much as purchasing new tables, etc. A sisal would look great with your couch, drapery and the pillow shown in your picture and would feel more contemporary.

Jaipur Naturals Solid Pattern Sisal Taupe/Tan Area Rug (9' x 12') · More Info

Here's a slideshow of inspirational possibilities -- note that a funky light fixture and current art go a long way to take the rugs shown from the realm of traditional to transitional.

http://www.houzz.com/oriental-rug-red-modern

I had an area rug that had similar colors and a similar pattern, and no matter how hard I tried to make my room feel less traditional, I couldn't do it with that rug, so I decided to let it go and choose a new one. I love it, but if you want to change to a more industrial or contemporary style, I agree you may need to start by changing the rug. Hopefully you can find another room for it. Her are some pictures that may inspire you while still keeping your gorgeous leather couch and chairs! Love the idea of finding a sisal rug. It would look amazing with your sofa and chairs. Some glass or mirrored tables would be great accents to add to the mix! Good luck.

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...and how funny that twenty minutes later, I stumble onto this article:

http://www.msn.com/en-us/lifestyle/other/14-photos-that-prove-oriental-rugs-never-go-out-of-style/ss-AAaX9ML?ocid=UP76DHP

JudyG Designs, I love the coffee tables...great suggestion

Maureen, I have thought about using sisal to give the room a more modern feel and i could use it in a bedroom or dining room. Thanks!

Some people (even designers) have trouble believing that the old Persian will go with any style of furnishings & décor. Have fun with your 'new' space.

Barnhart Gallery... Thank you of the great photos... they really help. I couldn't get the second link to open but the first link was very helpful!

That's good news that you can find a new home for it; I loved my rug again when it went into a different room and hopefully you will too.

Would you consider layering your rug for a more contemporary look?

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Thank you Karen, for the great photos...