I have used "Bucket O'Towels" for cleaning dirt off ; it has a lot of natural cleaning solvents/ingredients (?) but one of it's best features is it also has lanolin for moisturizing hands but we know that leather benefit from it, as well. I will inform you that I after I got the '11 , I initially cleaned the crap out of the leather wheel ;cleaned it first w/ a Magic Eraser Mr.Clean thingy &t hen - as w/ any leather product I own - I totally salved-it down with high grade MinkOil ( just like ya do a baseball glove or hunting boots) for the initial coat of protection. I have a few nics and nail-clench-"dig-ins"( I am not joking)but none of the drying out, fading/peeling which you've now encountered. The best you can do now that the surface is broken is try to re-press the surface and then refinish the leather*. there are you tube videos on that.
<edit: when I say ,"to re-press the surface and then refinish the leather" , it is obvious that I am a utterly useless resource for leather wheel restoration processes as that may be backwards sggted way. I simply meant you will have to clean, finding a way to resmooth that broken part of the smoothed hide and then seal it. I would have to look that up if I were doing it-j3ff3ry>