So, in our home office there is a small (3'X3') closet that my wife and I both decided would be a good place for a prayer space. Now, the pictures that follow are what I have done and I do like icons and candles. It is not necessary to have these things, but it helps me and is a faithful confession of the Evangelical Lutheran faith. I do not post these pictures to brag or to show how "holier than thou" I am, but the use of a prayer closet or devoted prayer space has been a great source of blessing to me as a Christian and as a pastor and I encourage my brothers and sisters in Christ to devote their own spaces to prayer and meditation.
This prayer altar is a cabinet I got at a garage sale and painted. The icons on the three sides are (from left to right), The Blessed Virgin Mary with the Christ Child, Our Lord's Crucifixion, the Archangel St. Michael. One of the most important things about my closet is that it must be centered on Christ and Him crucified.
These pictures should give you the main idea of what I have done with my prayer closet. If you have any questions of concerns about it, please don't hesitate to ask either in the comments, via e-mail or in person. Everything in this prayer space was carefully thought out that it may confess Christ and Him crucified. Please keep in mind that the use of Eastern icons is my own personal preference, it in no way is meant to suggest that I am swimming any rivers. I am Lutheran and I give thanks to our evangelical freedom that allows any art that faithfully confesses the truth of Holy Scripture.
I also use prayer beads (aka, a rosary) but I do not pray to Mary or the saints. There is one Mediator between God and man, the one man Jesus Christ. They simply help me to focus my attention on the Psalms (and I also use them to pray the Small Catechism).