well it looks like the top two tiers are slightly carved inward and just covered in white fondant with black stripes and red balls. the ruffles between the two layers look like she may have taken a ball tool and ruffled the edge and painted the tip black and sandwiched the ruffle between the two layers.
the third and forth layers look like they are filled, supported, carved and stacked and then fondanted together with white and then black stripes put on. the third looks like it is carved small at the top sloping down to larger at the bottom and the fourth layer looks like it is carved with indents going around where the ruffles are.
looks like she then put a white swag around the second and third layer with a bow and added black dots.
the ruffle on the bottom looks like it is done the same as the top ruffle but just attached probably with some edible glue/royal icing/water in the wave pattern and then the red ruffle accent added.
the bow on top looks like a gum paste rope bow.
that is one awesome cake. i am so in awe of her work! good luck and i can't wait to see it if you decide to do it!
edited to say: yeah i'd have to agree with leah and doug! i'd charge an arm and a leg and maybe throw in a foot
for this one.