We investigate deformations of the infinite-dimensional vector-field Lie algebra spanned by the fields e(i) = z(i+1)d/dz, where i greater than or equal to 2. The goal is to describe the base of a "versal" deformation; such a versal deformation induces all the other nonequivalent deformations and solves the deformation problem completely. (C) 2001 Academic Press.