I agree with "bethperson" about removing the top uprights. They are drawing the eye to the ceiling rather than framing the fireplace. I would not cover the niche with doors as it looks spectacular with the horse and other objects in it. I would kill for a spot like that to display things and make seasonal statements. I might consider a lighter color on the back wall of the niche to provide a contrasting backdrop for darker objects. You appear to have lighter paint behind the sofa so I would try a bit of that on the rear wall of the niche. I also agree with "bethperson's" idea of beefing up the mantel. I agree that the wood seems a bit orangey but if you are planning to replace your floors someday you might want to decide then on a color or wood stain that compliments the floor. Until then just removing the top uprights will minimize the overwhelming effect of the wood color. Also, I believe that wood is not a precious substance. It takes a little courage to paint or stain it sometimes but unless it is a pricey, endangered or historically antique wood just do what makes you happy. That's what a house of your own is for.

I copied the photo of your rug to my photo program and sampled the colors in it. I then compared those colors with paint colors from Benjamin Moore and Sherwin-Williams. The light gold of the background most closely matches SW 6374 Torchlight. The light brown was similar to BM's 2166-20 Caramel Latte. The green matched SW 7729 Edamame, and SW 2806 Rookwood Brown is similar to a taupe in the rug. Neither the coral or the dark red have any matches, and they would overwhelm a room in any event. What looked blue in the rug sampled as gray. These colors in your rug are muted by the small areas they occupy. They are more saturated when viewed by themselves. Below are approximate samples of the above colors. You should first of all check out these colors on the manufacturer's website in their virtual paint. Here is Benjamin Moore and here is Sherwin-Williams. Remember that you can choose a lighter version of these colors. For instance, SW 7726 Lemon Verbena is a lighter version of Edamame, and SW 6373 Harvester is a lighter version of Torchlight. Once you have narrowed the choices you should buy samples and paint on poster board. You can then set the poster boards against the walls you want to paint to see how the colors work. This is the only way to see if you like the colors enough to live with them. Otherwise you would be better off choosing neutrals.

Thank you all so much for your feedback. We decided to paint the built-ins a light taupe instead of white, so it would not be as stark against the wainscoting. We also changed the curve above the mantle to a straight piece of wood. I love the warmth of the wainscoting and was afraid I’d regret painting it. We thought about painting the crown molding also, but we are going to leave it for now. I am happy with the built-ins, but we still have to find a new paint color for the walls. The color on the wall now has too much of a yellow undertone against the taupe builtins. But so glad I finally I went through with painting!! Before: After:

You’re thinking of floating your stone? Stone doesn’t float.