What a beautiful view! I personally would place the chaise next to this window (the table hits at an awkward spot in the middle of the window) and move the table to the right of the TV. For a window treatment, there is not much stacking space on either side of the window, so a heavy drapery could not be completely pulled back without blocking the windows. Sheers would be a good choice, they take up less room and can still provide privacy. Also, mounting the TV higher on the wall would provide a better viewing angle and take up space on that wall better. One last thing, the rug is very pretty, but its large pattern overwhelms a little and makes the space seem smaller (it would be great in your bedroom though)

I agree with Kim. I would move the table away from the window. I would use cellular blinds in a nice color top/down, bottom/up and forgo any kind of drapery. I would also find a nice coffee table rather than the ottomans (Ikea has some nice black/brown ones). For more space I would put up floating shelves under the TV (once it's hung on the wall) and have your TV cables hidden inside the wall. A few baskets under the floating shelves would hold things nicely out of the way.

I'd like long drapes like the fabric on your couch pillow.

Other suggestions if you're open to them--art above chaise lounge and replace turquoise pillow with a different colour (ideally something that would pull the violet over to that side too.) I know your pic has purple in it but I think the lounge feels disconnect right now because of a lack of link to the at least one of the other three primary colours (ie yellow, purple, grey.)

Great room, and great job of start of decor!

Put the TV on a swivel and float the sofa to face the windows where the chaise should be. Take the table and stools to the wall where the sofa is now and get a piece of art that is 75% of its width, and vertical. You need a grounding rug. I think the cream is just too much of a contrast. You might look for art first and then find a rug that works with some of those colors. I agree with sheers - you can get ceiling mounted tracks that will allow you to pull them all the way closed to give you a wall of sheer - might be especially pretty in the daytime when the glitter of city lights fades. Here's a rug I like, but you should do art first.

What a beautiful view you have. The new style shade called Vision Shades would be simply striking on this window. Its a fabric shade that allows you to control light and privacy. Take a look at the fabric called Venice. You can see this at http://www.solarscreenshade.com

Google Pantone 2014 colour family, violet is there, and colours to go with it.

I love some of these pieces, but I think your best inspiration for color would be that lovely painting.

My recommendation would be to put the couch facing the window, and the table behind it so you really open up the view.

Blinds or roman shades done in a more modern fabric would be my direction.

I know these ideas may sound traditional, but really play with it to make it modern.

I'd replace those stools with these victoria ghost chairs and the lounge chair with this

How about the chaise in the corner with color drapes to match the sofa

Art deco pics on the wall and throw pillows/cushions on the sofa

I definitely think the TV wall needs some love. Have you thought about floating shelves? They add interest without being too heavy and its a great way to display treasures and photos, here are my two favorite floating shelves, I think either one would look great with your existing pieces...

1. Eugene floating shelf from Bryght
http://www.bryght.com/product/649/eugene-espresso-shelf

2. Eustace floating shelf from Bryght
http://www.bryght.com/product/759/eustace-right-wall-shelf

Just a thought, happy decorating!

I love the mix of colors you are using with the gold/purple/turquoise pop pillow on the gray chaise. I think turquoise curtain panels would be lovely on the window. The room will look like a pretty jewel box. Amethyst, citrine, turquoise.

I immediately wanted to experience some softness and life when I looked at your photo. The room needs a fiddle ficus (real, not fake) in the corner by the window. An up light in the corner behind it for the evenings will give the room a nice feel.

Forgot the photo
http://houzz.com/photos/5682700

When I looked at your ideabooks. most of the pictures you saved look more traditional than modern. What is your idea of modern? Maybe you want something in between.

What I suggest is to remove the rug, ottomans, table/stools and TV stand. Start with sheers or simple blind and a rug in silver. (something shimmery) Move sofa facing window, and chaise in one of the corners by window. Chaise could be updated by draping a hide or fur throw on it, then a purple pillow. Or recover the bolster pillow in purple, with throw behind it . Put TV on a long low laquared stand as pictured. Your coffee table should make a statement, like the wood piece below. or glass/acrylic table with a large sculpture on it as in the room photo. art on wall where TV is now. You could consider adding green with a vertical garden[houzz=]
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I know some of these things are very expensive, just wanted to give my ideas.

I like the ideas of decenthusiaste a lot. The only thing I might say differently is keep the painting over the desk (if you don't have the money for new artwork.) And maybe angle the chaise slightly toward the room, but still under the window, and add a small side table if there is room. Something mirrored, Art Deco would be nice. Remove the yellow cubes, or recover them. And an acrylic coffee table if you want to stick with a really modern decor, or a wood/glass one if you want to go more transitional. But I think the biggest improvement, other than furniture placement, will be a new, darker rug. Add a lamp on the desk and an additional floor lamp (the one from Anne Dee's first pic is great!) or a contemporary chandelier, a few throw pillows, and some grey or purple, silk drapery panels over light filtering blinds or sheers, and you have a fabulous room. Stick with violet, gray and either the peacock blue or green from the painting as accent colors. I think the pale yellow isn't quite right. But you have all the makings for a gorgeous living rom!

a modern chandelier with a pop of color.
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Art Deco:-

http://www.mokumtextiles.com/metropolis---catherine-martin-by-mokum