[1] During a festival day in a small Spanish town, lifelong friends Miguélan and Réal return to visit with their shared object of affection, the dancer Soledad.

At their first meeting, Delluc—who was already a respected, up-and-coming film critic for Paris-Midi—read his scenario "Le Fandango," reputedly written on the cut-out section of a paper tablecloth.

For Delluc's part, he never avoided praising Dulac's contribution to the success of the film, stating that it was "a rare example of complete cooperation in French cinema.

These nitrate negative fragments were acquired by Henri Langlois in 1938 from Éclair, and were transferred to safety film in 1948; nothing else of La Fête espagnole has turned up since then.

Nevertheless, this film remnant is still shown periodically in retrospectives of Dulac's work and was included, in 2012, in the Cinémathèque Française's festival Toute la mémoire du monde.