The story centers around an illusionist and magician named Tatischeff, who struggles to find his place in a rapidly changing entertainment world. Set in 1959 Paris, the landscape is transforming, overwhelmed by the rise of rock and roll and television; Tatischeff (though his name is seldom spoken, it's featured on the poster he carries) performs in increasingly empty theaters. Desperate for a breakthrough, he moves to London hoping for better luck.
However, in London, he faces a tough crowd yet again. His only chance to showcase his talent is to follow a lively rock band that attracts enthusiastic audiences of screaming girls. By the time Tatischeff finally performs, the audience has dwindled down to just a couple of spectators. The slide continues as he seeks out smaller venues, from cafes to private parties, where he barely captures the attention of anyone—except for a rowdy Scotsman.
That Scotsman invites Tatischeff to showcase his skills at his pub in Scotland, and to everyone's surprise, the pub patrons actively engage with his magic. Among the curious audience is the Scotsman’s daughter, Alice. One day while tidying, Alice drops a bar of soap. When the Illusionist picks it up, she is astonished as he magically transforms it into a shiny new bar! From that moment, she believes he possesses extraordinary powers.
As Tatischeff wanders through the town, he notices Alice's fascination with a pair of red shoes displayed in a shop. Observing her worn-out footwear, he secretly purchases the shoes and magically presents them to her, leading to her overflowing joy.
Time passes, and when Tatischeff prepares to leave, he is surprised to find Alice has chosen to accompany him on the ferry back to the mainland. He accepts her wish to visit Edinburgh, where they settle into a modest apartment shared with other performers, including three acrobatic brothers and a clown. While Alice gets the bedroom, Tatischeff opts for the sofa in the living room.
Tatischeff soon finds work at the local Music Hall, sharing moments with Alice. But their bond is tested when Alice encounters a young man and decides to spend time with him while Tatischeff is away. One fateful night, he returns home, tipsy, only to discover that Alice is no longer there. Heartbroken, he wanders into the mountains with his rabbit, setting it free as a gesture of farewell before packing up and leaving, uncertain of his future.
After a night out with her new companion, Alice returns to the apartment only to find it empty. Tatischeff has left her some money along with a note that reads, > “magicians do not exist.” In the end, she takes her suitcase and joins her young man waiting outside.
The film concludes with Tatischeff sharing a train compartment with a mother and her child, while the city's lights dim, save for the glow of televisions in a shop window where a ventriloquist's dummy awaits, marked with a price tag that reads "free."
