The film is set in the mid-19th century. The main character of "Lady..." is Margaret Gautier - a luxurious Parisian courtesan, known for appearing at opera performances with a bouquet of white or red camellias. After the woman's death, an auction of her estate takes place. The writer Alexander Dumas buys the book, but less than a few days later a certain Mr. Armand Duval shows up at his house, for whom the literary man's acquisition is an extremely valuable heirloom. It turns out that Duval was Margaret's lover, but their relationship ended in tragedy. The unusual visitor decides to tell the writer the dramatic story of his love.
