Depends..... Are you going for a whole other look? Im always for painting one wall and making the room pop, also try clearing up clutter in bottom shelf buy some fancy library books maybe some candles down there as well. i like the dark brown framing but if your looking for a change up try painting that wall now a taupe with white framing, i would also hang some oval mirrors or roundish art work or maybe you can find some framing for family photos to place on each side of fire place to level things out...I would also buy some tall vases to put on bottom of fire place like on that platform area and maybe some taller candle holders on top of fire place,, i like the droopy down vine like plant i would go for more of that and maybe some bigger more modernized picture frames for family photos.... hope these are usefull tips

thank you so much for your feedback...much apreciated...your suggestions are great

The brown frame around the wall makes the room seem dark or "heavy" if that makes sense? If you're willing to go brighter, paint the wall and trim either the same (lighter) color or paint the wall a white color and the trim a subtle gray? Hope this helps!

This looks to have the offset look like you have. (Source:houzz) A light source on the shelves or a lighter color for the background of the shelves would allow your items to pop more.

Thank you all for great ideas. I think will go with painting the frame the same color as the wall, because for it really seems too much (living room is not so big- as you can see in the attached picture)

Another idea would be to install doors over the bottom shelving on the left. I like the idea of the floating shelves on each side as shown above. Since this isn't a big or wide space, full bookshelf units to the floor would make it look smaller. I agree with lightening some of the trim around the fireplace & TV & also editing items on the mantel. Keep in mind that fewer items rather than too small of scale accessories will help balance this space.

I would absolutely do what Barbara suggested. It would be very cost effective and give you the most positive impact.