The story follows Elizabeth (Kim Basinger), a New York art gallery assistant, who enters a brief but intense affair with John (Mickey Rourke), a mysterious Wall Street broker. What begins as a passionate romance quickly turns into a psychologically manipulative and emotionally charged relationship. As John's control over Elizabeth deepens through a series of erotic games and emotional domination, she starts to question her own identity and boundaries.

The film explores themes of power, obsession, seduction, and emotional vulnerability, with stylish cinematography and a famous sensual atmosphere.