Black Monday? the economy vs. the antiques market  

I don't know that people invest in furniture at auction as a hedge like gold
as tastes and what's in fashion can change as things go in and out of vogue. Affection for various styles can also be very regional. What's hot in London or LA may not even get on the radar screen say in Paris or Peoria. Some furniture though may always have a market strictly based on it's rarity. Like an actual bed that George Washington slept in with an actual provenance.
Whereas gold is recognized as a thing of value the world over. Additionally at the highest levels of the auction marketplace there is a segment of the population that is immune to swings in the wider economy, or so it would seem to me.
Extremely beautiful chair for sure.

Good question
Beloved, what a great question. BTM is right, as usual!, that a certain sector of the buying public is immune to relatively minor upswings and downturns in the general economy and able to purchase at their leisure. That is why you will still continue to see hot and expensive trends sell for astronomical prices whether it be cars, houses, handbags, chairs, etc. Remember, even in a down market, there are still people making money.
To address the specifics of your thread, a classic is a classic is a classic. A beautiful, silk, Persian handknotted rug crafted in the 19th century will retain its value unless the entire globe undergoes a simultaneous catastrophic redistribution of wealth. Ditto a Van Gogh or a Jasper Johns or an Eames lounge chair or a Faberge egg. These are investment pieces and will not only retain but increase in value in a global economy. Look at it this way. Even if the CEO of Lehman Brothers can no longer afford at this period in time to purchase a case of Chateau Lafitte Rothschild, his counterpart in Dubai can and will.
Having said that, I will tell you what I tell all of my antique-buying customers. If you like it and want it in your home, why do you care who designed it, painted it, sculpted it, etc? If you would enjoy sitting on it, looking at it, eating off of it, showing it off to your friends, setting it on your mantle, and think you might enjoy doing so for a significant number of years to come, what are you worried about? Divide the cost of the item by the number of days you think you might enjoy owning it and if that resultant number is one you are comfortable with, go for it!

CNN: $198M Hirst art auction defies global gloom
Click link below:
http://www.cnn.com/2008/WORLD/europe/09/16/hirst.auction.art.ap/index.html