The Weinstein Company’s and French director Michel Hazanavicius’s holiday social experiment, The Artist is indeed presented as a black-and-white silent film, in the original 1.33:1 ratio that used to be standard. There is spoken dialogue only in a couple of places, as when George Valentin (Jean Dujardin) dreams that he is in talking pictures, and at the end, when he goes for 'all that jazz'.
So when the 1929 crash comes, he is cast off, and sinks into poverty. But in a tantrum, he burns his own celluloid, almost perishing in the fire, and only is sentient human dog saves him. The logical question is why she doesn’t help him sooner.
The film has a dazzling classical sound track, with some rather impressionistic original orchestral music by Louis Borce, some Ginastera, some jazz, and a climactic sequence using some of Bernard Herrmann’s 1958 score from the climatic sequence in Vertigo, where in this movie the plot takes on a curious contraposition. The sound track also quoted the 1981 hit Pennies from Heaven, which I did see in Dallas then (not my favorite).
There are some other curious effects, as when Peppy 'makes love to a suit', pretending she is being embraced by the sleeves. In a late scene where a 'talking' movie is being filmed, there are separate chairs for director and 'screenwriter', as if the writer had to be present for the filming. Is this what happens now?
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Other critics have compared this film to 'Singin' in the Rain' (1952), which I have never seen. I've just added it to my Netflix queue (DVD only, there's no instant play, which would be a good thing given the interest).
Another comparison is A Star Is Born (1954, George Cukor, Warner Brothers), in the original Cinemascope, where Norman Maine (James Mason) helps Esther (Judy Garland) grow as an actress despite his own alcoholism. I saw this in Dallas at Fair Park at a special benefit in 1984.