Festival of Fire

The festival of fire is the oldest and most important event in the Valyrian calendar and lasts for seven days. It celebrates the founding of Valyria and the growth of the freehold every year.
Wines, foods and slaves are brought from every corner of the freehold. Each merchant house trying to out do the others in exoticism and opulence. The festival is the one time feuds should be set aside, all celebrating in dance, indulgence and millenia of tradition. Valyrians dress in obscene opulance to display their wealth, assets and standing. It is common to see client families adorned in the colours of their patrons.
The opening ceremony takes place in the Dragon's Square and is the highlight of the festival. Archons provide a dedication and as with all things Valyrian often issue competitive challenges to their rivals.
Weapons and guards are banned from the festival. Though guards may wait at the edge of the square to escort one home.

Traditions surrounding the Festival of Fire

Cross-Feasting

The Arch Mage draws tokens that represent each family, pairing them off. The first family drawn is to host the second family drawn. Traditionally the host family welcomes the second family and often times marital unions have forged from this gathering. (usually at the chagrin of their patrons)
As with the overall theme of the festival, full hospitality is extended and to fail in this task is to incure shame for the family in the eyes of Valyrian nobility.

Hatchlings

Should an egg hatch during the festival, that family are deemed as gods blessed and it is said they will see their interests rise in the coming year.

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Application

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What the players should know:
Valyrians have no shame. Risqué works well. There is often boisterous fun bordering on violent or perverse but it's akin to a Bealtaine Celebration. The theme is of course, Valyrian greatness and all that entails.