Here's your permission slip: It's okay to move things around. Just because something has worked in one spot for years doesn't mean it won't be fabulous somewhere else. Take a look around, and see what you have that may be well-suited in a new location--lamps, small tables, art. By hanging the architectural piece above the mantel and removing the old frames, this arrangement has a cleaner look that is a more appropriate scale for the large fireplace. We pulled in a fire screen from another room.
Moving the sofa and club chairs opens up the space and pinpoints the fireplace as the focal piece in the room. All this for zero cash!