Based on Honoré de Balzac's The Wild Ass's Skin, the film follows a young poet named Raphael de Valentin who's depressed and wants to take his own life. Just when he's about to throw himself in the Seine river, he's offered a magical gift: a piece of skin that can make all his wishes come true. He accepts it and starts asking for material things, including money, fame and women. But there's a price he has to pay for this special gift, which makes him realize what are the important things in life.