This will help get some light into the middle of your space. http://www.westelm.com/m/products/overarching-floor-lamp-antique-bronze-w890/?pkey=cfloor-lamps You could also do end tables or a console behind the couch and place table lamps on either. It doesn't look like you have any seating near the edge of your space and your existing lighting seems to be positioned at the edges of the room. So I'm not sure if sconces would help much.

Let your wooden beam be as it is. put your Led lights in the other direction ( two on each side in one rectangle , so the total will be 16 units of say 10 watt each Led.), as to balance the horizontal and vertical shape. Don't put anything on the wooden beam to retain its the beauty.

Thanks all, for the suggestion. Yes will stick to white for all other sides of the room. one is full glass with curtains, the other is behind the sofa, a plain wall as of now with no art or anything, this is just opposite to the brick wall. The 4th side is the foyer and a small wall with a artsy clock. The living area is more an open plan, that leads to dining on one side. I am looking for wall art ideas too. I create my own art for the home, I have not gone commercial, just do some art for friends too when they ask as gifts :-). We are changing all the furniture in this room, including the softa. have ordered recliners in light brown color, A square center table with stools underneath, and a side small curio/book shelf. Thanks once again.

You can find them in IKEA store