Feeling stifled by the lack of innovation in the French film industry, Korben convinces investors and his team to film a séance as it happens. Unfortunately for Korben, the reels look ridiculous. But the director is drawn to Laura, who, despite not being a spiritualist, has a face that photographs well. The film team conceives of a conventional script in which Laura plays a medium who channels the spirit of a widower’s wife and the three become locked in a love triangle with the widower unsure if he is falling in love with his former wife or the medium.
Laura and Kate move in with Korben, who is generous and kind to them. However, he continues to hold private séances with Kate, much to Laura’s displeasure. (She fears, rightly, that Korben’s interest in the spirit world is sexual.) Eventually, Laura is forced to leave for the coast to continue filming. Korben takes Kate to a metaphysical scientist and films their sessions together.
On the coast, Laura realizes that the rise of anti-semitism means the tides are turning against Korben. Rumours that he once performed in porn abound; and someone writes that she is a Jew’s whore on her mirror. When Korben and Kate arrive to reunite with Laura, Korben shows his producers and investors the film of him and Kate which shows nothing. The director walks off the film and blames the money Korben has wasted chasing ghosts as an excuse. Meanwhile, Kate falls ill and reveals that she hasn’t been faking but really can see ghosts. She believes this is because she is dying. Kate has leukemia, which is a death sentence at the time.
Korben is jailed for his wasted investments and the trial strips him of his French citizenship.
Years later, Kate is dead; and Korben has been sent to a death camp in “the East”. Laura runs into Eva, an actress she once knew, who helps her get a part in a film working with her former director. No longer involved with spiritualism or Korben, Laura’s film career in Nazi era France is assured.