Don't be afraid to play with color and paint treatments, even in a small room. In this case, the stripes add a sense of "stretching" out the room and the floor to ceiling jewel-like curtains, make a small room look and feel grand. Treat a smaller space like it's a dance hall--create a large dramatic statement, but unlike a large room, keep it to 1 or 2 so your room doesn't start to feel overwhelmed.
I have always lived in square footage challenged apartments and homes. Early on it was because of circumstances and later in life I realized that I actually liked living in a home that felt manageable to me.
Every home has it's own design challenges and in small spaces you do not have to sacrifice style due to the lack of space--you just have to think about it differently.
Once again, adding a great bit of color, like the great yellow on the bed, can give your small room a fantastic spacious feel. The details don't hurt either--stuff like the black trim on the white curtains, the chandelier, the great chair and pillow near the foot of the bed as well as the dressers, lamps and art work give this master grand style without feeling cluttered.