Do the math. The picture should be no more than 2/3 To 3/4 the length of the sofa it hangs over. Picture should be no more than 5-6 inches above the sofa.

Now the stuff you weren't seeking opinions about...
The sofa should be centered on that wall, so the picture is centered on the wall.
There appears to be room to cozy up the table to the sofa and bring the love seat over to improve the conversation area. That round table needs a larger lamp on it too.
A bit of decluttering is also in order.

Is the picture something you just bought or something you already had? I don't think it is too large, a bit oversized width wise but it still works IMO. I think the wall color comes first, then the accessories, but with the white or light grey it looks like it would work.

The paint on the walls now compliments that picture very well. I don't know that the picture will look good on a light gray wall.
Just thoughts to consider.

The picture looks perfectly sized to my eyes. I would, however, try it centered on the wall and not the sofa, to see if that is a better fit.

I'm one who doesn't believe that artwork has to "match" the paint or the furnishings. If you love it, it'll work, no matter what color you choose for the walls.

Thank you all for your opinions and help, greatly appreciated! I like the picture and I’m thinking it may be too big. I was thinking of getting an Inspiration piece and working around that, was thinking the painting would be that. The couches are about a year old. Also, all 4 ends of sofa and loveseat recline so it does make for a little awkward placement. (Something we didn’t foresee). I plan on putting hardwood floors down and getting new window treatments.

The sofa would look so much nicer centered. Reclining ends might not allow that though. Is there anyway to swap out the sofa and the love seat. The love seat would be able to be centered I think. The picture of course, would then be too big for over the love seat. Do you have another place to put it? The color of the walls looks nice now, and goes well with the picture, and your couches. Your pillows need to be replaced, and maybe darker than the existing wall color.

I vote for a pretty cream. Zurich white is nice maybe a little too light for what you have but in that color family. Enjoy