God and Satan war over earth; to settle things, they wager on the soul of Faust, a learned and prayerful alchemist.
In late 19th century France, the Countess Louise, wife of a wealthy general, sells the earrings her husband gave her on their wedding day to pay off her secret debts, then claims to have lost them. Her husband quickly learns of the deceit, which is the beginning of many tragic misunderstandings, all involving the earrings, the general, the countess, and her new lover, the Italian Baron Donati.
Lola Montes, previously a great adventuress, is reduced to being the attraction of a circus after having been the lover of various important men.
