What a cool house design! Off the top of my head, I think I'd be inclined to paint the brick surrounding the sliding door (1st image) and either paint the pillars or clad them in same timber as the ceiling just inside that same sliding door (1st image). I'd be tempted to leave the large wall as bigreader suggested simply because it's such a magnificent feature. If you live with it for a while then still not loving it, then paint it. While I like the chandelier, it doesn't really suit where it is, as Warren pointed out. If you wanted to change, best to consider if there are any other electrical changes you want to make and get an electrician out only the once. As far as paint colour goes, do you know what the current wall paint colour is?I'd paint to match the wall colour and complement the carpet, but important to know if you like the current colour or want to change. Also it would help to know what your own plans for the interior style is. Do you want to remain true to the 80s with just a few tweaks, or change it completely? About the balustrade, do you want to change the colour of it as well? Is it also made out of glass (couldn't quite tell from photo)?

consider very dark walls like navy, dark grey, rich caramel or deep rust colours with eaves and fascias white, downpipes same as walls and gutters a mid range colour to match the dark walls (btw some new paints are supposed to have heat reflecting qualities even in the darker colours)

Add colour to your room with accessories, then You can change the look whenever you feel like it, without having to paint the walls.

Hi MaxCC, Your 'artwork' is called a wall niche. As far as I know, they were originally used to display religious icons, such as The Virgin Mary. I'm not religious but I do admit that I have a special love for wall niches. I have used them twice in homes that I've built as a place to display my 'Lamplighter' Lladro, so that he is on display to guest. The niches were always placed just inside the front entrance as yours is. Sadly I don't have any photos to show you, as we have just moved house and everything is still in storage. My suggestion, to help you with how to display the object that you will put into your niche, would be to keep the wall itself neutral but paint the niche in a metallic paint. Your want the object on display to be the item of greatest interest and the metallic paint [Resene have some wonderful colours to chose from] will help to draw your eye to that space.