We love Magic Wrinkle Releaser! It works wonders on our Velvet bedding to take out the wrinkles from storage or packing. We use it at every tradeshow and we recommend it to everyone.
All you have to do is layout your piece on a bed and spray the Wrinkle Releaser on the wrinkled area. After it gets a little damp, brush your hand across the fabric with the nap (hint: it should fee soft). Re-apply the wrinkle releaser and brush again. Repeat this process until the wrinkles are gone!
You should be able to find this product in any grocery store and it will make your Velvet bedding look amazing.