We also turned our small living room into a music room. I think formal living rooms are a waste of space. Over the years, I have had the piano either half-way open or closed w/ photos on top. Fully open seems too much for the size of the room. I have a big chair in one corner and a 5'? potted silk plant in another. Our room opens up to the foyer/stairs and the dining room. In our last house, the piano was in a great room and we had a round, skirted ottoman in the curve ( a designer recommended that). The top was kind of pleated w/ one button in the center. Good luck!

If this space does not need to be a tv room, I would take the opportunity to create a music/library space. Do a wall of built in bookshelves where the accent wall is and get four super comfy club chairs in either leather or velvet, a couple of ottomans, and a couple of end tables. You could group all four together in the middle of the space, or do two groupings, one closer to the piano.

@Tootsie: The fireplace is non-working/covered, so there's no issue there. It is visually the focal point of the room, though.

A cautionary tale: When my brother took up the piano, we located it in the family room. It was a big room, which had once been the formal dining room in this older house when it was built, back in the days when there was no such thing as a "family room." The family room was open to the large living room via an archway that was huge so didn't block sight or sound between the rooms. We watched TV in the family room. All did not go well. My brother (who is now a professional piano player) was obsessed with playing the piano. Our house was one of the few among my friends that had rules of when you could NOT play the piano. He used to sneak it in during commercials but always bled over a bit into show time. Finally, my parents couldn't take it anymore, they turned our one car garage into a family room, converted the old family room back into a formal dining room, and kept the outdoor heavy wooden door between the kitchen and the new family room so that we could go in there and watch TV and close off the constant sound of the piano. The folks had wanted a two car garage anyway, which they then added on to the house. We needed at least one place to go and watch TV away from the piano. Now maybe you aren't that obsessive about your piano, but I think that a TV watching space and a piano playing space may have conflicts. How often will probably depend on your lifestyle. We were never big on TV in the bedroom, but at my last house I turned the upstairs guest bedroom into a TV room where someone (not saying who but is initials are DH) could go to watch TV (football in particular) without any disturbance. Again, YMMV on this but I was lucky I could do that at my last house. Our current home is "open concept" and it makes it much harder, particularly now with hubs giant screen TV taking up so much real-estate in the family room and it being open to so much of the rest of the house. I now retreat to the master bedroom in the back of the house for quiet, I have an office niche in there . . .