Some of my favorite velvet pieces for F/W '11 that are worth the investment:
Free People Velvet Blazer $168
Marc by Marc Jacobs Airmail Jagz Velvet Long Clutch $278
Twenty8twelve Stretch Velvet Dress $180
Rachel Roy Delphine Dress $139
Juicy Couture Rosa Heels $160
Free People Burnout Velvet Dress $98
Victoria's Secret Velvet Blazer $128
Dansk Paperbag Velvet Skirt $170
Urban Outfitters Jack Tilly Strapless Dress $70