I think I would paint it a bright color (I'm dying to paint something teal blue!) Or if you can't figure out a bright color that works with the other decor, paint the base black? If you want to make it a bit more modern you could buy some molding to cover the arches on the front. If you want the back to be covered, you could do a simple flat curtain in any color/pattern to match.
What colors are in that room now?
I hadn't thought about a curtain cover the back great idea