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Ralph Valentine, a penniless pianist, goes to Paris to pursue his career. He is attracted to two women: Pauline, the sweet and innocent daughter of his landlady, and Flora Margot, a woman of loose morals who runs with a wild crowd. Because of his irrational passion for Flora, Ralph makes a bargain with Satan, who gives him a magic skin which gratifies every wish and shrinks, along with the well-being of its possessor, in proportion to the number of wishes realized. Ralph tries in vain to rid himself of the skin after Pauline commits suicide because of his vices. Just as the devil comes to lead him into hell, Ralph awakes with the skin in his hands in an antique store where he had gone to buy a necklace for Flora. He throws down the skin, and runs to Pauline and professes his love for her, happy that he had been only dreaming.