Another passage that is worth considering that adds to our understanding of Jesus’ reign at the right hand of God, and in particular, paralleled with the throne of David is Acts 2:29-36.
29“Brethren, I may confidently say to you regarding the patriarch David that he both died and was buried, and his tomb is with us to this day.
30“And so, because he was a prophet and knew that GOD HAD SWORN TO HIM WITH AN OATH TO SEAT one OF HIS DESCENDANTS ON HIS THRONE,
31he looked ahead and spoke of the resurrection of the Christ, that HE WAS NEITHER ABANDONED TO HADES, NOR DID His flesh SUFFER DECAY.
32“This Jesus God raised up again, to which we are all witnesses.
33“Therefore having been exalted to the right hand of God, and having received from the Father the promise of the Holy Spirit, He has poured forth this which you both see and hear.
34“For it was not David who ascended into heaven, but he himself says:
THE LORD SAID TO MY LORD,
“SIT AT MY RIGHT HAND,
35UNTIL I MAKE YOUR ENEMIES A FOOTSTOOL FOR YOUR FEET.”‘
36“Therefore let all the house of Israel know for certain that God has made Him both Lord and Christ–this Jesus whom you crucified.” (NASB)
Seeing that This quote is pretty long, I would just briefly mention the Peter makes the direct connection of Christ’s resurrection and ascension to the Right Hand of God with the Throne of David. The Promise of the Davidic Covenant said that there would always be a descendant upon David’s Throne.
In v. 30, Peter refers to the Davidic covenant, which states that David would always have a descendant to sit on his throne. Because God had made that promise to David, when David spoke of his flesh not seeing decay in Psalm 16, Peter knew that that passage was referring to Christ and his resurrection. Therefore, Christ, who is of the line of David, is now eligible for the role of sitting on the Davidic throne forever because of the fact that he is resurrected from the dead and lives forever.
Peter then concludes, in his reference to Psalm 110, that Christ, who was exalted to the Right Hand of God (ascension), the place where all his enemies are being made his footstool, has now been made “both Lord and Christ.”
Jesus Christ is reigning NOW as the Davidic King, and long awaited Messiah. This is obviously is contradistinction with Dispensationalism which claims that the Davidic Covenant has to be fulfilled “Literally” and therefore Christ has to sit on a literal throne in literal Jerusalem for a literal 1,000 years in the future. Then, and ONLY Then, will Christ truly be the King and the Lord.
I think I’d rather get my hermeneutics from Peter who says that Christ is sitting on David’s throne Now and is ruling Now as both Lord and Christ.