By Lisa Schwarzbaum
Updated January 05, 2001 at 05:00 AM EST

Terence Davies’ magnificent adaptation of Edith Wharton’s masterpiece about the folly of one marriageable young woman who pays tragically for her restlessness burns through all the worn-out poses of period costume dramas. This stunning movie, starring Gillian Anderson in a career-igniting performance as proud, kind, foolish Lily Bart, makes a much-read American classic feel freshly devastating. Watch, too, for another piercing performance by Laura Linney as Lily’s treacherous ”friend.” And listen for Davies’ astute use of music — and silence. A