The sofa is the anchor on that wall. You need to center the mirror, or any other art, on that sofa. Also, hang the mirror no higher than 12" above the top of the sofa.

When I look at the first photo the furniture, lamp and mirror look balanced; however, the in the second photo the teeny, tiny lamp and table are so out of balance with the rest of the room. I would put a moderately sized etagere there with just enough heft to balance the floor lamp. Perhaps something like THIS. If you need that table lamp get one a larger lamp and table.

I think your space may be best handled by visualizing the sofas as one cohesive grouping, and arranging artwork centered on the walls, NOT the furniture. By no means suggesting this specific artwork, but just to give you an idea of the spatial arrangement I envision:

It's going to look oddly assymetric to center art over the sofa, which is why I think you need to view the entire furniture grouping as a single unit. There is no "rule" for this; you simply do what works best visually.

When hanging pictures, always hang them in relation to the furniture sitting below. I would get a bigger lamp shade for balance .

Thank you everyone for your ideas. I really appreciate it.

Absolutely love the idea suggested by Mindshiftof getting an etagere for the corner. You comment about the "teeny, tiny lamp" cracked me up. It's temporary though and was planning to get a side table for the lamp.

Thank you IdaClaire and Celerygirl for taking time and putting your ideas in the pictures visually.

As requested, Patricia please find some more pictures of the living room.

I am planning to install a wall clock on the right side on the window in the below picture.

Also, the color of the sofa is steel/dark gray. Should i follow a color sequence for decor like gray/beige or gray/dark brown etc.

I like the darker throw pillows you have, but I think there are too many pillows. Extra pillows on furniture have a purpose—to provide back support for shorter people. Remove the small beige and burgundy pillows. IMO, they are in the way.

Your wall color seems to have a yellow tone. The color could be influenced by your lighting. Notice in your last photo how the corner lamp makes the wall look more yellow. Warm white bulbs have a yellowish light. Look for bulbs with a neutral color between 4000K and 5000K, though you might have to shop a specialty light bulb store. Bulbs above 5000K have more and more blue. Daylight bulbs are great for detail work, but colors wash out and it's harsh on skin tones.

Please rethink your curtains.

Love the first 2 pictures Celerygirl posted. Made the room come together