Maria is a dancer who becomes pregnant, unexpectedly, and has to decide whether or not to keep the baby. When her live-in boyfriend, who is not the father, admits to cheating on her, she kicks him out. Still unable to decide what to do, she imagines a dialogue with the fetus.

An aged art connoisseur (Beaumont) and his young female neighbour (Coles), who has a job posing naked in a club, meet and exist in fantasy and reality. Although this raises certain much-discussed questions about the nature of representation, and about the construction of narrative and daydreams in films, 'Phoelix' tends to treat these as just pretty and pertinent issues, opting instead for a mannered concentration on detail.