Many a musical pales in comparison to this Technicolor fantasia — or Pantone tonic, if you will. Directed by Michael Powell and Emeric Pressburger, this wondrous production circles around Hans Christian Andersen's same-named fairy tale about a pair of ruby-reds that wears its owner to death. Moira Shearer stars as the star-crossed danseuse who — after a truly rapturous Shoes performance — must select Life or Art, here represented by composer-cum-beau Marius Goring and a haughty Diaghilev-like impresario (Anton Walbrook). Film Forum's new 35mm only makes for additional gasps of bliss.