Phaedra, a beautiful and resourceful sponge diver living on the Greek island of Hydra, discovers a sunken ancient Greek statue of a boy on a dolphin while diving. Recognizing its immense value, she decides to seek out someone who can help her retrieve and sell it. While in Athens, she meets Dr. James Calder, an American archaeologist dedicated to preserving Greek antiquities. Calder represents the ethical path of turning over the artifact to the Greek authorities to ensure it remains in its homeland. Phaedra is torn between doing the right thing and seeking financial gain to improve her harsh life.

Concurrently, Victor Parmalee, a wealthy art collector with dubious morals, enters the scene with the intent of acquiring the statue for his private collection. Parmalee offers Phaedra a significant amount of money if she helps him obtain the statue before Calder can report it to the authorities. The plot intensifies as Phaedra navigates the conflicting interests of Calder and Parmalee, each representing different values and visions for the statue's future. As tensions rise, she must make a critical decision that will affect not only her own fate but also the cultural heritage of Greece.