José Luis, hijo del propietario de un coto andaluz situado en las Marismas, vive aislado y obsesionado con una vieja historia familiar, de la que sólo quedan el retrato de una mujer y un collar. Se traslada a Sevilla y durante una fiesta conoce a Vera, una condesa polaca, por la que se siente inmediatamente atraído. Conoce también a otros invitados, y una serie de circunstancias le permiten desentrañar el viejo misterio familiar.

Ana Maria loves a modest guitar player, Júlio; when she herself in a 'retiro' (typical fado tavern), public and critics rend major applause. Fame brings about new friends, namely bohemian young who play and sing the fado with her, and not so young men but who rich and powerful enough to patronize her, promote her, and wish to become intimate with her. Júlio the guitarist feel betrayed, and he sets his mind to depart to the African colonies, to leave her forever. Knowing that he's going to embark, Ana Maria's heart between her first love, and the appeal of the rich and famous.