I love your furniture, it has a simple elegance. I think you should play up that aspect. I can appreciate your desire for a neutral wall but the current color is too cold. I suggest French White by Benjamin Moore (benjaminmoore.com because it is a white with some gold. Then add the wow factor with a gold laquered asian style screen that you take apart and hang on the wall, like 3ft. Tall Crand and Lotus Screen (oriental furniture.com. Then add other accent pieces with gold stitching, a gold plate with white candles, smaller art or photos on the other walls in gold frames, etc. If you need a TV cabinet, get a simple unfinished cabinet and paint it with metallic gold spray paint, then age it with a little brown wood stain. Don't forget a big green bamboo look plant in a corner. I agree with the ideas others have said about rearranging your furniture.

Definitely need some color on the wall. Even if you just paint that wall behind the couch to make it your acfcent wall, and the remaining walls two or three shades lighter.
When you accent your one wall,behind the couch, what every art work you hang will stand out. Also remove the chair to a different spot, and put a large live palm tree or something similar and then place an uplight behind it to accent that too. Just remember rule of thumb think of odd numbers when you are picking out pictures. It could be one very large one, or three or five small ones. Hope this helps.

Want to try something really different that none of your friends have and will want? Try wall decals. They adhere to the wall and can be removed. They can take up your entire wall or cover as much space as you like. Search the web for wall decals and you will see the unlimited possibilities at your disposal. I believe it would have a very dramatic impact in your living room! I am currently looking for an appropriate decal for in my bathroom. Though this will be my first decal at home, we use them at work and they look great! ( I work at a major dept. store.

A new home is a blank slate - have fun, but I'd definitely paint the walls another color, even it it's a muted/pale color. You're furniture just blends in with the wall color right now. I agree with Realtor Sandy and would move the couch/lounge to the left, add table & lamp, then move the darker chair to the right side of the couch, thereby making a conversation area with the chair that's in the foreground. You can always add different pillows on the couch to add color to the room. As for wall art, I found 3 prints at Aaron Brothers and had them matted with large frames and added glass & wrought iron scones in between the pics to make the artwork cover more space on my large wall.

congrats on your new home. i'd begin by painting the crown moulding white...this will instantly make the ceilings feel taller and the room more open. : then paint the walls in the darkest shade of creamy neutral from the closest chair in the above picture or even a shade darker than that. this will keep it subtle, bright and neutral but slightly warmer and more finished than this white...and it will allow the crown detail to be seen.
as for wall art. do yourself a favor and spend sometime looking online at art.com and/or allposters.com. you won't be able to find a selection like that in any store! look for a pair or a trio of companion pieces or pieces in similar palette by the same artist so that the pieces will work together. mat and frame them identically and hang as already advised. i'm sure that you don't want to add generic looking art that everyone has already seen...go for something that you love to look at that isn't available at any mall. keep us posted! :

I have the same problem with a wall in my living room (the very first thing people see when they walk through our front door I like color so I painted it a warm beige. I added a large piece of art and some family pictures. If you are into built ins you could do a large shelf that could pose as a tv stand and storage plus a place for pictures! Good luck!

The comment about the end table and lamp is a good idea, you could also install two are three shelves at different heights too break up the wall a bit. that way
you can display pictures or pottery and other items you might collect.

As a guideline, your pictures should cover about 2/3 of the wallspace above your couch. Since your couch is especially long, I would buy 2-3 corrdinating prints for that wall. I would also suggest you put that corner chair somewhere else and put an end table with a lamp on it, which would fill up that corner. Post after you have gone shopping.