While Silvia Venturini Fendi is the head of accessories for Fendi, she also spearheads the fashion house's artist collaborations during Design Miami. To wrap up our fantastic week with the luxury fashion house, we sat down with Silvia to discuss Craft Alchemy, Fendi's ongoing focus on discovering fresh talent, and the surprising story behind the legless pianos in the Collectors Lounge.

Yesterday we gave you an inside look at Fendi's fascinating "Craft Alchemy" installation at Design Miami, by designer Elisa Strozyk and artist Sebastian Neeb. Now, we step into the ultra-exclusive Collectors Lounge, which was hosted by Fendi for the first time this year. As an extension of Strozyk and Neeb's installation, the design duo developed a unique sanctuary that honors their story of material metamorphosis while providing a retreat for elite collectors as they refuel in-between installation hopping.

Fendi knows talent when they see it. When it was time for the Italian fashion house to produce the installation for their fourth foray into Design Miami, they knew that they wanted to build a world that would both salute the past and welcome the future. That's when they tapped designer Elisa Strozyk and artist Sebastian Neeb – two of Berlin's top emerging names in the craft game – to tell their story for them. Using Fendi's signature sewing, stitching, and leather, they converted antique furniture into avant-garde works of art that hung like marionettes in a space inspired by Palazzo Fendi, the grand neoclassical headquarters in Rome. This is "Craft Alchemy."

It's only the second day of our partnership with Fendi, and, if these sore feet have anything to do with it, we're already off to a festive start. Last night, the luxury fashion house's head of accessories, Silvia Venturini Fendi, and Design Miami co-founder, Craig Robins, welcomed an elite group of design collectors, art veterans, and fashion folk to the swanky W South Beach for the Design Miami 2011 opening bash. Needless to say, there wasn't an empty glass or idle dancing shoe in sight.

This week, we're heading to Miami to catch some sun, see some art, oh – and team up with one of our favorite fashion houses ever, Fendi. The Italian luxury brand is collaborating with Design Miami to produce a dreamlike installation entitled "Craft Alchemy," which will feature the work of Berlin-based designer Elisa Strozyk and artist Sebastian Neeb. Using Fendi's discarded leather materials and signature production techniques, the talented duo will transform a collection of traditional Roman Baroque furniture pieces into a magical environment – and we'll be providing you with exclusive daily coverage of all the action.

If you've ever wanted to be a handbag designer (or at least have a say in color selection), here's your chance. Luxury department store and digital darlings, Bergdorf Goodman, are launching a brilliant new Facebook contest for Fendi devotees. The Fendi Frenzy: The Color Challenge allows users to design next fall's Fendi 2Bag—the brand's covetable bi-colored handbag.

Personally, I like polka dots for their old-school '50s throwback charm. Though I don’t think the '80s did them justice and unfortunately sometimes people forget how adorable they were back in their golden era. That being said, I’m glad to see polka dots make a return for S/S 2011. I especially love Giles Deacon’s playful Giles collection (pictured above). I like how he pairs yellow polka dots over black and dark brown—giving the dots an updated modern twist. I also love that he did vests and little hot shorts!

One of the more interesting designs spotted at this year’s Paris Fashion Week was the clear handbags coming from Prada, Fendi, and Chanel. As handbags get bigger and deeper, it’s refreshing to see a woman carrying the bare essentials: wallet, keys, phone. Always up for a challenging DIY project, HonestlyWTF gives a great tutorial on making your own see-through clutch.

Bunions beware: SS11 catwalks are being met with some frighteningly sky-high heels. Wedges of towering proportions were on view everywhere at New York Fashion Week, and skyscraper designs at London and Milan's fashion weeks have ended in a few runway tumbles. Burberry, for one, saw a number of model spills: "I also kept thinking that the collection lacked feeling — unless you count the pain of the models who cast off their raunchy heels on the runway," Cathy Horyn wrote of the show. Fendi, too, showcased some fear-inducing, architectural platforms. Meanwhile, some unexpected fashion alums are dipping their toes in the footwear design pool.