I agree with you, the current wall color isn't ideal. The walls essentially match the dark furniture. I would go much lighter: off white, white or a very soft grey. That would provide contrast with your seating pieces. It would also make your space feel larger, it looks like your ceilings are 8 feet, so keeping low contrast between the white ceiling and walls makes for a more expansive feel. Your focal point should be the fireplace, so a larger piece of art (or two -not many tiny pieces) or a mirror over the mantel would draw your eye towards that. The arched doorway is lovely! Find another place for that floor lamp and simple artwork on that wall would help. Richer feeling curtains and some light reflecting accessories would add a more glamorous feeling. Good luck!

I think the color depends on your preference. It's actually beautiful and matches your decor, and if you get a lot of natural lighting it'll work very well.

What you're missing is a dash of color in there. I'd change out the curtains to whatever color you like (kind of a clean slate in there) and put a large artwork on that wall. Check out my artwork listed here: https://www.etsy.com/shop/ShoaGallery

Many colors and sizes available. Some samples below.

Enjoy decorating!

Natural silk or linen curtains without grommets. Replace torchiere lamps with floor lamps with actual shades.

I think you wall color could be a few shades lighter to brighten up the room. Needs no coffee table but a table to the right of the chair. Remove the tall lamp and place a cabinets on that wall with a lamp on top and a piece of art on the wall.
Lastly exchange your white curtains for something with more texture and pattern.

I think your wall color will look great with better lighting. You might put some wall washers in the ceiling above the mantel. You could use a larger mantel display, as well. Curtains in a natural color rather than white will soften the look.

One thing I would do is paint your ceiling a few tones up from the wall. It looks like a white sheet over your head!!! The wall color is lovely, but it does absorb a lot of light! I don't mind your curtains, but I would like to see a Parisian pinch pleat for more glam. Stay with cream. You DO need a chest on that blank wall to balance the sofa side! Put 2 buffet lamps on it with a mirror over to frlect some light into the room.

I would do a cream painted finish for the chest. You need 2 prints stacked in between the draperies. Put the floor lamp over by the table next to sofa. You have room for a small accent chair to the right of the fireplace. Upgrade to a shag rug when you can. Large artwork over the fireplace....never teensy things on the mantel.

Here are a couple of Kat's trees on your empty wall.

I also suggest a lighter color for the walls. I would put a console table on your bare wall with art above it. Lose the floor lamp and get a table lamp on the console.

Re-do the mantel per Grover and remove at least 2 of the pillows on the sofa. If you paint lighter color the curtains will probably be ok, but if you keep the wall color get darker panels. If you do not want anything under the windows on each side of FP, I would at least get taller potted plants under them to balance the area. If you get a floor lamp for that corner, then get a potted tree for the other side.

@grover's magic touch makes everything look better! :) (burning the midnight oil and checking out - thanks for making my art look good on that wall)

Thank you guys for the advice! I will give the decor updates a try before deciding on changing the color!

heres an update so far!