"The citizens of Brachen are awaiting the visit of their very own Claire Wascher, now Claire Zachanassian, the oft-widowed, richest woman in the world. It's been a lifetime's absence during which they have fallen into utter bankruptcy. In anticipation of this visit, Anton Shell, a once prosperous shop keeper, remembers himself and Claire as young lovers ("Prelude"). The Mayor and the School Master have prepared a special welcome for their distinguished visitor ("Out of the Darkness"). All Brachen marvels at their visitor's glamorous, bejeweled presence ("At Last"). Claire explains the reason for it ("I Walk Away"). Her warm greeting to Anton makes the Mayor realize that Anton is the key to asking Claire to relieve them from their misery. Anton is confident he can ("I Know Claire). He leaves to rendezvous with Claire and their old trysting place, Konrad's Village Wood, while the others exult in their good fortune. Only the School Master has forebodings about her visit ("A Happy Ending"). Alone in the woods, the two old lovers and their younger selves reminisce ("You,You,You"). Anton is convinced that she will be their salvation ("I Must Have Been Something"). Everyone prepares for the gala banquet that evening at the Golden Apostle Hotel in Claire's honor ("Look at Me"). The Mayor and the citizens tell Claire of their inexplicable decline from prosperity to utter bankruptcy ("A Masque"). Claire then recounts her version of events, which differs considerably from theirs ("Eunuch's Testimony"). In exchange for rescuing them from financial calamity, she asks for the life of Anton Shell ("Winter"). The Mayor expresses outrage but the seeds have been planted ("Yellow Shoes").
