Definitely not. 'Bonfire of the Vanities' is a piece of fiction. The author crafted the story to convey certain ideas and emotions, not to recount actual happenings.
It could be either. It depends on the specific story and the elements presented. Sometimes, it might be a mystery with hidden clues and unknowns. Other times, it could be pure fiction with imaginative elements.
Wortman Bonfire is classified as fiction. Usually, it means the story is created from the author's imagination and not drawn directly from real-life happenings.
A classic one is about a group camping and having a bonfire. One person brought a big bag of marshmallows. They were so excited to roast them. But when they opened the bag, they realized they had forgotten the roasting sticks. So they tried to use twigs, but they were too flimsy. In the end, they just held the marshmallows over the fire with their fingers and ended up with very dirty, sticky hands. It was hilarious.
One popular kids bonfire story is 'The Three Little Pigs'. It's about three pigs who build different houses to protect themselves from the big bad wolf. Another is 'Goldilocks and the Three Bears'. Goldilocks enters the bears' house and tries their things. 'Red Riding Hood' is also a great bonfire story. A girl in a red hood goes to visit her grandma and meets a wolf on the way.