Splicing Canare 4S11 Speaker Wire

Yup.

If you want it to just work and don't care about neatness or asthetics just twisting them together will be fine. Isn't Canare a boutique wire tho that costs considerably more than lamp cord? If it is, why on earth would you want to settle for 'good enough'?

The best way is to slip some shrink tubing on the wires, twist the wire legthwise, use a soldering iron to heat one cable at a time and let the solder 'wick' onto the splice making it semi-permanent, place shrink tubing over soldered splice, heat the shrink tubing with heat from a hair dryer on high heat, place cable inside a cloth jacket like what your picture shows you alread have.

Sounds complicated and a long process, but it takes less time than it takes to write this post. And it will be done right. and you will never have to worry about the splice again. In my business, twist and electrical tape is a hack method when used as a permanent solution. Temporary only is fine, but permanent should be avoided at all cost.