What we have here is half of what might have been a good movie about swashbuckling and courtly intrigue. Cagliostro is a late 1920s silent production made in German–French co-production and considered lost until a copy turned up in the French film archives. Unfortunately, this is an edit of the two-hour original, and even with a few other fragments, it only comes at 58 minutes, losing multiple supporting characters and sub-plots, and leaving much of the plot development to title cards.
And this is a shame, because the remaining footage gives us a fun story that's half historical drama (based on real events, no less) and half swashbuckling adventure. Cagliostro, an Italian adventurer played by the almost unnaturally handsome Hans Stüwe, rises through the French aristocracy on account of his magical tricks, medical knowledge and ability to foretell the future. When he falls from favour after a divination that predicts a dire future for Marie Antoinette, he sets in motion a plan that will result in revenge, but at a great price.
This is very much a movie that features beautiful people plotting against each other among sumptuous and grandiose interior sets. The tone is extremely amoral, and both Cagliostro and his opponents come across as tremendous scumbags. The film features some very explicit sexual content for its age, but alas, the swordplay featured on the original advertisements has almost all been cut. Likewise, the final act is over in pretty much 10 minutes; it may have been a larger segment in the original.
And unfortunately, this is Cagliostro as we have it now: some good acting, interesting expressionist touches, hints of something that may have been a grand plot, lots of wigs, but not a full movie, and probably not something someone looking for a great film experience should buy until a more complete version turns up.