Roman shades are fashionable now. Honeycomb cellular shades and simple accordion pleated shades are available, too.

Hunter Douglas cordless honeycomb shades mounted to the ceiling.

That's a expensive window. I would remove everything off the bay and hang a rod over the entire window close to the ceiling and 1' out on either side . I would put a roll up blind over the entire window too for privacy . Adding a layer of interest and cover the wall above the window between the stationary drapes. Then I would add some nice larger plants on the window sill live or silk.

I also have a large bay in the living room. I have a curtain rod close to the ceiling. I put sheers so the light can filter through during the day. Then close the panel curtains for privacy at night.

Thanks for feedback!

I would recommend going with a Shutter. They have shutters now that they can build you a frame for a more finished look.