WARNING: It is difficult to know whether this overview constitutes a spoiler.
This film is nearly pure cinema. It appears to be sans plot, but clues seem to be scattered everywhere. If one watches carefully, there are at least two (2) "filmmakers" (the lawyer and the prestidigitator), at least two (2) objects of desire (one rather more obscure than the other), a collection of family photos and memorabilia, the restored footage from the 1920s, the restoration process itself (beginning about half-way through Tren de Sombras), which signals the presence of an editor (redactor) whose project may be lending a certain intentionality to "archival materials" that the materials themselves may not possess. Clearly there is some intentionality (Guerin's , but of course; but perhaps also the intentions of his characters).
As an audio-visual feast, this film is unsurpassed. There is much food for thought, and the touch is so very light - always the case with Guerin's films.
No, this film will not be for everyone. nevertheless, its rewards are many.