Lily (Miriam Hopkins) is a professional pickpocket and thief posing as a countess.
At a dinner party in romantic, nocturnal Venice, she meets notorious thief Gaston Mones Ku (Herbert Marshall), posing as a baron, and the two fall in love under the gaudy guise of luxury and hedonism.
Gaston robs aristocrat François Phileba (the ineffable Edward Everett Horton) and, after unmasking him, escapes with Lily before they are discovered.
About a year later, in Paris, Gaston steals a diamond-encrusted handbag from widow Mariette Collet (Kay Frances), but returns it to her and falls in love with her, to the point where she hires him as her personal secretary, making Lily jealous.
Its supposedly flirtatious tone encompasses a relevant character study.
The cast is unforgettable: the charming Gaston with his languid and suspicious expression, the vivacious Pizpiretta Lilly, the capricious and careless Madame Collet, the temporary housekeeper, the aristocratic Phileba with her cold and sly Adolf
The susceptibility, the palpable subtlety of his intelligent script, his agility and precision, are endowed with an enviable, shattering acidity, and his instrumentals are ironic and sharply undramatised with constant elegance.
His genuine satire encompasses identifiable character studies, mocking the hypocrisy and cynical frivolity of the rich, seeking the audience's complicity.
The descriptive way of presenting the characters in a story that ends up being a romance with more intensity than its almost blasé tone might suggest, a sample of Lubitsch's melancholic vision of ephemeral love, of the magic of romance and of an eroticism where everything is insinuated without showing almost anything.