How To Convert Large Formal Living Area into Study?

Good Questions

Q: We are in the process of buying a home which has a high-ceilinged formal living area. I would like to make it more functional — add some storage, book shelves, a desk so it also doubles as a study. The pictures I am attaching are of the room as staged by the sellers. I just don't know how to make it more useful. Would appreciate any ideas! 

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