Wanda is a dominatrix who runs a gallery in a building on the Hamburg waterfront, where audiences pay for the privilege of watching her humiliate her slaves. She is a business woman who smashes sexual stereotypes and social taboos with icy self-possession and an enigmatic smile. As artist she specializes in the staging of elaborate BDSM fantasies and her affairs transgress the usual boundaries of personal and professional life. Along the way she leaves her German lesbian lover, a shoe fetishist, for an American "trainee," and does more than step on the toes of the male performer who has broken the rules of the master-slave relationship by falling in love with her.

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