Yes, moving the bed under the picture wall would be good, and provide space for a chair and ottoman as you mentioned. And i have actually put a new set to curtains today which is a slight brown colored one. And I was thinking about painting the walls with the picture and the one with cupboards in a dark red shade and the adjacent walls something between off white to cream color. I plan to change the floor tiling too, but not at the moment. I've been thinking of making it a wooden flooring. But not sure what color to use.

these are some pictures of my projects, if it fits you concepts then we can work it out accordingly.

1. Though you have small windows keep curtains hign all along the ceiling to floor and hide curtain rods in false ceiling 2. If you have these windows at angle then you may opt for Angular curtain covering both the windows in one go. It will look beautiful 3. Do wall paneling...nowadays there are many options like fibre laminates as well or if budget allows go for mdf n ducco paint

Jeenal, what's the help you are looking for ?