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. 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.