The first thing I would do is bring the chairs forward - out of the tight corners, remove the box on top of the chest, lower the art so that the bottom of the frame is about 8 inches above the chest and add a lovely floor lamp beside each chair.

Floor lamps were my first thought. They aren't wall decor, but the height of the lamps break up the wall, give you something to look at at eye level and would be very functional for reading.

Below I moved the chair on the right in a bit to make room for a floor lamp, make the artwork larger and changed the orientation, and replaced the gold frame with "wood." For simplicity, I just used your art, even though I don't think it was ever intended to hang in this orientation.

celerygirl did a great job, the room instantly looks more put together, lighter, brighter and more friendly. The colors of the pillow make a big difference, as does taking everything off the chest and hanging the picture lower. The style of the floor lamp is perfect for this area.

The room looks perfect now. what is wrong with the art work?

Maybe a little bigger bolder art? With Celerygirl's additions.

I think you could style the wall, chairs and chest to create a cozy spot like in this inspiration photo. Notice how the large frame is the same color as the pillows and how the table is styled. There are 6 different framed items on the wall, a lamp and large vase in colors similar to the pillows and smaller items on the table. I think this photo is like "Styling 101" for creating a wonderful spot in your room.