My sister in law painted her's white and did some kind of faux treatment to it. It turned out beautiful.

I like the look and would not change it. in your particular space. Don't try to make it something its not. I like the ceiling and floor too. Play it up. Sometimes it is not worth it to fight with what you have.

Maybe bring in some industrial elements. Stainless steel wrapped mantle or rusty I-Beam for mantle. Rusty gears for wall art or old saws. Maybe look for industrial stainless steel countertop for above the beverage cooler.

Attached a couple of photos one with stainless steel mantle. The other is the loft/industrial feel that seems to fit with your area.

#1 - take down the pig! And paint the brick.

#2 - replace the mirror with some art you like in the style you prefer - this room is crying for some more color.

#3 - paint the mantel a high-gloss black or brown to match the trim on the pool table.

#4 - remove or replace the copper pot on hearth with something more mod - like a square steel container

#5 - buy a pair of modern candlesticks - black, chrome, red (or other color of your choice depending on what is going on with the rest of the room) & place on one side of the art.

#6 - if you put a cabinet/counter around the fridge, it would look best to install matching cabinets opposite. If money is a concern, the bachelor chest idea will help balance.

Be sure to think it through before painting the fireplace here's one painted black that is just really ugly. Maybe some recycled wood. But look for other ways to make the change. Your room is well put together and everything blends. Now add a stainless steel screen and frame and mantle.

Don't paint the brick, beef up the mantle by changing to more traditional corbels, and paint it white. Also paint the wood around the top of the room white. Install kitchen, stock, base cabinets in white or light color wood tone on each side of the fireplace with space for cooler on one side. Add counter top to each. Install white shelves above the cooler/counter, some for glasses and accessories, others for display. Add same shelves to the other side as well. Obviously remove the pig, add large art to the walls.

Change the mantel to something like this: http://houzz.com/photos/1965849

Notice there are no corbels. Corbels are traditional looking. And, lower it. Mantel is currently too high.

to me, rustic usually means organic surfaces. so if you camouflage as much of the wood and brick as you can with paint….voila! you've 'modernized'. add a few pops of color and stainless steel and there ya go. i think the most awkward decorative problem area is that oak cupboard (sink?) thingy on the lower right corner of your photo. it also looks like it's in the way of the pool table too. can you remove it?

for the record…. personally, i like the brick and i like the floors just the way they are. they look authentic. and not contrived.

Thanks everyone! The cabinet in the lower part of the picture is not really in the room. We just moved it from our living room and haven't figured out yet if we should put it in storage or give it away. I thought I had moved it out of the way enough when I took the picture. So I put a coat of white primer on the mantle today and popped some of the trim off of it so it is just square edges. I like the shape but not sure what color it should be. I figure if I hate it I will try to find a new mantle. I like the idea someone gave above about a stainless steel mantle. I love reclaimed wood but feel like the room needs less wood.

I painted our used brick fireplace the color of the walls (Kilz first, dawbing to fill the pores in the bricks, then semi-gloss or eggshell in the color of the flat walls). It had no mantel and the bricks like yours went to the ceiling. I hung a silk rug bought on vacation in China just a little higher that halfway to the ceiling (which is probably midpoint eye level for us, we are tall), using brick-clips from Ace Hardware.

We installed a flat brass fire screen with glass (this was 10+ years ago; not sure I would use shiny brass now, but it matches the curtain hardware on same wall). However, we don't have wood fires so that may make a difference? Anyway it's very 'trim' and non-rustic.

If you keep the mantel, I like the idea of matching it to the pool table!

As far as balancing the cooler on the other side, how about a "bar table" for non-chilled drinks. I bought this, we left out the lower wine grid because it is now flanked by two tall wine-cellar racks!

From Target online of all places. Strangely it was called a buffet. Just for example, it is a bit rustic-craftsman and the wrong color for you. You could built one in to exactly match the surround of the wine cooler.

Keep the pig if you like it. It may be a tad small for its placement though! Also country-fied.

Excuse the hand tools! It's looking more like a bar now!

Maybe anchor a few planters by the side of the fireplace?

http://www.houzz.com/collections/rootandstock

Sample lifestyle images:

http://www.houzz.com/projects/1303224/root-and-stock-happy-clients