Replacing the reference of the deleted table texture is rendering default material.
Note The redirector for the T_TableRound_M asset shows the connection to T_Wood_Pine_D. Also, Deleting the texture that replaced the first texture, and replacing it with a 3rd texture works.
This is a Regression from 4.14.2
Result: The material M_TableRound is replaced with the wood texture, but is not reflected on the table in the viewport.
Expected Result: The table is updated with the texture
There's no existing public thread on this issue, so head over to AnswerHub just mention UE-40182 in the post.