The film's subject is the various companies that rose to claim the fame of Diaghilev's company when the impresario died in 1929. L_onide Massine's Ballet Russe de Monte Carlo and Wassily de Basil's Original Ballet Russe sustained a long rivalry over dancers, choreographers, ballets, and audiences.

Both companies, which are credited with bringing European ballet to America and beginning a craze that brought about the existence of both American Ballet Theatre and New York City Ballet, are now defunct.

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