You could take pictures of your media room and some contents to a frame shop for advice. I don't think you have to use a black frame, especially if you have lots of walnut tones and don't think black will work. We have black frames, but also contemporary frames that are silvery gold, dark gold, bronzy gold, some greyed, textured wood ones; we had a contemporary silver frame at one point. I agree the frame is too narrow, and the mat's color doesn't work with the piece at all. I also agree with snookums2: the piece looks modern to me. I'm not sure why you'd want a grey mat, frankly. There doesn't seem to be any grey in the art, and I think you should choose a mat and frame to go with the art, not with the room. Also, I don't agree that matting to cover the bamboo and leaves is necessary to update the piece - those are part of it. Let a new mat and frame do that work for you. Also, and I guess this is a pet peeve of mine, "contemporary" and black or grey or even plain and without ornamentation do not necessarily equate. Your art has lots of bright, warm colors in it, and I think those are the ones you need to work with. But let a good framer have a say in the matter; I could be wrong.

I think you can still get a contemporary look with multiple pieces, but they still need to be fairly large for that space. Maybe 3 vertical rectangular canvases hung next to each other. Or if you found 40x40" pieces that you love and can find 4 that look good together, hang them in a square with 2 up and 2 down. Or how about a contemporary canvas floor cloth or tapestry hung with clips from a curtain rod with cool modern finials? You could hang one or three depending on what you find. (Odd numbers seem to work best; 2 might feel like it's dividing the wall in half.) If you are creative you can create the canvases or floor cloths yourself, borrowing ideas you find online. If you can post a picture of the wall, people might have more ideas or can do mockups. Here is a link that might be useful: Painted floor cloths - contemporary

It's probably comfy!.... Soft polyester fabric with a hint of herringbone texturing. 3 loose seat cushions. Seats and back spring rails are cut from 7/8" hardwood. Cushion cores are constructed of low melt fiber wrapped over high quality foam. Overall Product Dimensions: 39" H x 89" W x 37" D. Seat Height: 19.50" •Seat Depth: 19.50" •Leg Height: 4.00" •Minimum Width of Doorway for Delivery: 34.00" •Arm Height: 25.50" •Top of Cushion to Top of Back: 20.00" •Distance Between Arms: 63.50" https://www.houzz.com/products/ashley-dailey-sofa-midnight-prvw-vr~68445504

That TV is such a behemoth that it overwhelms the space. It's stealing all the attention and obscuring the pretty details of the molding above the fireplace. You'd need some pretty large elements on either side to balance it. Small art pieces would be lost and unable to compete with it. Or maybe it looks gigantic because your chairs are rather low and compact - if I were you, I'd look for large wingbacks and upholster them in a large-scale, high-contrast print. I've always heard it's a decorating no-no to put the TV above a fireplace, but in some spaces that *seems* like the only option. However, I am sure you have other options for its placement. It really shouldn't be where it is. Can you post some pics of the rest of the room?