Elizabeth McGraw (Kim Basinger), a young employee at a SoHo art gallery, meets John Gray (Mickey Rourke), a mysterious Wall Street broker, and they start an intense affair marked by games of power and control. As their relationship deepens, Elizabeth becomes increasingly dependent on John, losing her sense of self, while he takes control of all aspects of her life. The boundaries between love and obsession become blurred as they engage in BDSM-style activities, leading to a climactic confrontation that changes the course of their relationship forever.
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