Nice room! Love the ceiling!

Figure out your furniture arrangement first, then worry about any wall decor. Whatever you hang should relate to the furniture placement.

If you were leaving it as shown in the pictures, I'd center the tapestry (hung horizontally) over the sofa, with maybe 8in space between the top of the sofa, and the bottom of the tapestry.

Emily, did you move? Did you change your style? Are you a different Emily than the one with the MCM furniture and the hubby who built the entertainment center? How many Emily O'Dells could there be?

Haha, it's me! This is my sister's house she just bought and I'm trying to help her. I wish I had that big, ol' room!

Bar or bookcase? (This is approximately the size your quilt will be on the wall. It's big enough.)

So you are the same Emily. Good. Thought someone stole your identity and was trying to push some traditional furniture on you.

Love that room! Agree the couch should move out to flank the fireplace, ideally with a matching couch or couple of chairs opposite it with a large coffee table or big ottoman between them. On the large wall consider adding a low bookcase or buffet/sideboard, something that isn't too big and compliments the corner cabinet to help orient the center of the space. Then you can add some art above the buffet, one big piece or several smaller ones depending on your sister's taste to fill out the wall space. Here's a couple of pics I had in my ideabooks as examples of the furniture.

York Black Metal Sideboard Cabinet · More Info

30'' Tall TV Stand Black/Black · More Info

A big, low bookcase/buffet is a good idea! I think the rug has a pattern where it kind of has to go vertical. It doesn't have to go in this room, but just an option. It may not work well vertically in this space

Oh, vertically. I didn't see the fringe. I'll have to rethink this in the morning.