Hello tsmith129... My quick suggestions would be color, a window treatment (nothing bulky) would be nice and a huge chandelier. A unique window treatment can make the space even more grand and some substantial accessories could help too.

you have some fun work to do !! as far as the build-in art display sections go......i would advise adding one piece at a time. The space is traditional / contemporary - you could put up some neutral abstracts and i could design them for you with your color palette and within your budget ( or you could always make payments ).

I recommend investing in original art because it has value as a unique item. Unlike mass-produced items or copies, original art is one-of-a-kind, can increase in worth - sometimes astoundingly so.. The display of original art can aesthetically enhance an area and promote certain feelings of well-being. Many times art in the home becomes a focus of attention that whenever viewed, becomes a great conversation piece. Another reason to buy original art is to enhance your experience of culture. Like music, art is a great communicative tool - an aspect of culture that is very uniquely human. It is inspired. It is inspiring. It connects us with the rest of humanity. Art can be a great interpretive exercise. What was the intent of the artist? What does it mean? Does it reflect human nature, the state of society? Does life mimic art or art mimic life? Such art-inspired philosophizing only helps to further enable the transmission of culture.

If you buy directly from the artist, you will save anywhere from 50 - 80 % . I specialize in custom paintings and would love to work with you...take a look at my profile if you have some time, maybe it will spark some ideas!

http://www.houzz.com/pro/holly-anderson/__public

Another great place to find unique collectible art is Etsy.com

@Visual Merchandising: I really like the first chandelier picture you posted. Where did you find that at? Also, currently there is a small chandelier in the foyer and another one in the formal dining area. Should I replace them both, or just replace the one in the foyer. The problem is the foyer has like 20ft high ceilings, but the adjoining living/dining area has ~10ft ceilings. I was thinking of also doing a raised panelling wainscoting about 2/3 the height of the front door to carry through the whole area to help break up the height of the walls and paint a darker beige color above it. Do you think that would be too high for panelling - should I stick with something the height of a normal chair rail?