From a bit of googling, the Wheel of Fortune generally talks about change and cycles.

King Phoenix is a royal changeling, which do lots of changing.

Phoenix is also the character that I originally made to represent myself. I have since gone through a [i]lot[/i] of personal change, primarily mentally and emotionally (sadly not all positive). I also currently plan to go through further changes for some upcoming big plans.

In addition, this art turned out fantastically! I fully admit that I might get this printed lol. Maybe. I don't know yet.
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Source: YCH Auction Result
Artist: LebAlisa