First I would paint it so that it isn't bright and grab your attention immediately. I think you just need to add something that has visual weight to the right of the fireplace to balance it. Consider putting your television in that space.

I would paint the upper portion the same color of the wall. I think I would remove the mirror and try the picture that is currently over the TV. I would move the two plants the far left - next to each other raising one to be slightly higher. Put a few of the small items next to them. Put the mirror by the red chair, add a table to the side of the red chair.

Painitng will make a big difference. The rest you can play with, adding until you feel a sense of balance.