In 1912, Jules, a shy Austrian writer living in Paris, forges a friendship with the more extroverted Frenchman Jim. They share an interest in the world of the arts and the bohemian lifestyle. At a slide show, they become entranced with a bust of a goddess with a serene smile and travel to an island in the Adriatic Sea to see it.
After encounters with several women, they meet the free-spirited, capricious Catherine, who reminds them of the statue, and the three become inseparable. Although she begins a relationship with Jules, both men are affected by her presence and her attitude toward life, and the three take a seaside holiday together. Jim continues to be involved with his girlfriend Gilberte, usually seeing her apart from Jules and Catherine. Catherine asks to speak with Jim at a cafe, but she does not show up on time and he leaves.
A few days before the beginning of World War I, Jules and Catherine move to Austria to get married. Both he and Jim serve during the war, on opposing sides; each fears throughout the conflict the potential for facing the other or learning that he might have killed his friend. After the war, Jim visits, and later stays with, Jules, Catherine, and their young daughter Sabine at their chalet in the Black Forest.
Jules confides to Jim about the tensions in their marriage; Catherine torments and punishes him at times with numerous affairs. Catherine flirts with and attempts to seduce Jim, who has never forgotten her. Jules, fearful that Catherine might leave him forever, gives his blessing for Jim to marry Catherine so that he may continue to visit them and see her. The three live happily with Sabine in the chalet until tensions between Jim and Catherine arise over their inability to conceive a child.
Jim leaves Catherine and returns to Paris. After several exchanges of letters between Catherine and Jim, they resolve to reunite when she learns that she is pregnant. The reunion does not occur after Jules writes to tell Jim that Catherine has suffered a miscarriage. Jim runs into Jules in Paris and learns that Jules and Catherine have returned to France.
Catherine tries to win Jim back, but he rebuffs her, saying that he is going to marry Gilberte. She pulls a gun on him, but he wrestles it away and flees. Jim encounters Jules and Catherine in the Studio des Ursulines cinema during a screening of a newsreel depicting Nazi book burnings. Catherine asks Jim to get into her car, saying that she has something to tell him. She asks Jules to watch them and then drives the car off a ruined bridge into the nearby river, killing both herself and Jim. Jules attends the burial of their ashes in the columbarium at the Père Lachaise Cemetery.
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