Fortunately I received a private message from someone with the same question so already had a response typed up.

The furniture masters are mostly made from balsa wood.  Only the quilts and the tops of the bed posts are made from Sculpey (bake-to-harden polymer clay).  I started with the armoire and just looked around online for random pictures.  After finding one I liked, I just started carving up some balsa wood.  It didn't turn out much like what I was modeling it off of, but still looked armoire-ish enough.  Here is a list of tools I used, but many can be substituted:

exacto knife with a sharp blade (mine was dull to start with and later pieces went much better with a sharp blade)
razor saw + miter box (for cutting thicker balsa)
fine grain sand paper (150 grit or finer)
distressing brush (or other small wire brush to enhance the texture)
Elmer's glue
Small plastic/glass beads for handles
various sized balsa pieces - here are some I use:
  .25"x.25"x1"
  .25"x.25"x.5"
  3/32"x6"x36" sheet
A heavy dose of patience

From there, it is just cut the balsa, sand the edges (sharp corners attract bubbles), glue the pieces together, and use the distressing brush to enhance the wood grain.  Although the enhanced grain looks better, it also attracts a lot of bubbles if you are going to make a mold out of them so go a little light on it.

The first couple pieces took quite awhile as I pondered scale and just got the hang of what looked decent.  The later pieces came together a bit more quickly. 

There really wasn't much process to it - just cutting, carving, and gluing pieces together...then more cutting & sanding. 

Let me know if you have any other questions on any specific steps or if anything isn't clear.