Never having read "Swann's Way"---the source material for this film---I was free to view it as an entity unto itself, which is what I prefer.
It is the study of a man's obsession with a courtesan, Odette de Crecy (Ornella Muti). Swann wants for nothing, materially, and he could live his life anywhere and anyhow he pleases. But he is emotionally tethered to Odette as they each glide through the salons of the Parisian upper class in search of artistic experiences, self gratification, and maximum visibility.
Are they lovers or mere contractors? Do they love each other or detest what they perceive of themselves under the other's influence? Do they extract maximum enjoyment from life or perpetually battle boredom and self-loathing? As they perform their dance of attraction and repulsion, it is sometimes unclear.
Jeremy Irons is convincing as the self-absorbed Swann. And Ornella Muti is mesmerizing as Odette. Both of them feel indigenous to the fashion and culture of their milieu, which makes it easier to focus on the characters themselves.
A wonderful score elevates the film considerably. I plan to watch it again, if only for its evocation of a place and time.