The article presents a detailed analysis of the poem “Masterica vinovatykh vzorov…” with insights on the poetic technique of Mandel’shtam. Special attention is given to the Mandel’shtam’s use of metaphors, to the interplay of homonymous meanings and to the polyphonic structure of this poem that unifies different voices. DOI: 10.31168/2305-6754.2018.7.2.9