How many inches is this space, and how large is the TV you want to put here? To me it doesn't appear you have much room for shelves. You might be better off looking at consoles.

The space is 125 wide by over 10ft tall. Tv is 62in wide.

IMO no shelves if you center the TV like you show I do not like open shelving unless it is planned to display things already needing display. The height of the wall has little to do with the decor on the wall . Where is the seating going ? I think if you do the TV off center then maybe something like Besta from Ikea for a bit of storage and diplay since IMO you need a type of cabinet under the TV I think something like this would be a nice look and where the art id maybe 2 shelves with minmal stuff

If the darkened area represents the size of the tv, there is no room for shelving and it also looks very low. Consider adding something underneath, which will also help give the ceiling height.