That's a lot of money to lose, even on Broadway, where almost everyone (more than 80 percent of investors, anyway) loses. The ante keeps rising: $2 million to $3 million for a play has become as common as $15 million or more for a musical.

Jacobs, a youthful-looking 53, is the author of "Impressionism," starring Jeremy Irons and Joan Allen. Jack O'Brien, celebrated for productions as diverse as the musical "Hairspray" and the epic drama "The Coast of Utopia," staged the show, a contemporary romance set in a New York City art gallery.

The show opened on March 24. Most of the New York critics ripped into "Impressionism" as if it were a crime against art. (I thought it was a heartfelt muddle that at least featured some characters I came to care about, a reaction more typical of people who actually paid for their tickets.)

"I was really disappointed that the critics didn't get it," Jacobs said, understating.

Very few shows can recover from such a critical mauling. The word of mouth on "Impressionism" has been favorable, however, and ticket sales have been enough to cover the show's weekly expenses of around $275,000, according to producer Bill Haber. Yet it seems unlikely that the play will return the cost of mounting it, let alone earn a profit.

Follow the Money

Why, I wonder, did it cost so much?

With musicals, at least the money is visible in all those huge, constantly changing sets, flashy costumes and union musicians, not to mention the battery of stars and hoofers. But how much can it cost to plant a bunch of actors on a stage with one set and, in the latest trend, no intermission?

I called Emanuel Azenberg, a Broadway gadfly who has been mounting plays and musicals since becoming Neil Simon's producer of choice in the mid-1970s.

In 1982, Azenberg produced the first play in Simon's semi- autobiographical trilogy, "Brighton Beach Memoirs," for $500,000. The revival he'll present next season, he said, will run $3 million.

Spiraling Costs

"Over the last 25 years, all the costs have spiraled with no constraints," Azenberg told me. The physical production, he said, "cost $100,000 then; it will cost $500,000 now."

"The director's fee was $25,000 then," he continued. "It will be $100,000 now. An ad in the Times was $20,000 then; it's $110,000 now. With payments to the pension fund and health plans, the cost of union labor today is $100 an hour."

That's the reality facing "Impressionism" producer Haber.

The show has a limited run of 16 weeks. The week of the opening, when "Impressionism" earned $289,057, ticket sales covered rent, advertising and payroll. The following week, sales bumped up to $325,000, attesting to the positive word of mouth I was talking about. Still, in order to recoup its $3 million cost, it will need to nearly double its box office income, which seems highly unlikely.

Haber has produced more than 40 shows on Broadway (after making his own fortune in Hollywood). With "Impressionism," he gambled by opening directly on Broadway rather than working out the kinks in an out-of-town tryout.

'No Choice'

"I had no choice," he told me, explaining that he was constrained by commitments of his stars and director, and the fact that the right theater was available.

So he hedged his bets: "Impressionism" lists 26 above- the-title "producers," mostly investors.

"I did that because it's a horrible economy," he said. "I took in modest amounts. If, God forbid, it does not succeed, I didn't want anyone to lose more than $200,000."

Another star-driven play, "33 Variations," has been playing to half-filled houses despite Jane Fonda's return to Broadway after nearly half a century.

Only one new play has shown signs of bucking the trend: Yasmina Reza's "God of Carnage." It hit the bull's eye with a starry cast (James Gandolfini, Jeff Daniels, Hope Davis and Marcia Gay Harden) and effusive reviews. The fact that it's a ferociously funny comedy, in a time where audiences are desperate for something to laugh about, hasn't hurt.

'God' Sells

"God" is selling more then 90 percent of its seats at the Bernard Jacobs Theatre. One of the producers told me that level of sales will continue well into the future as "Carnage" looks to become the prestige hit of the season.

By contrast, "Impressionism" faces an uphill battle. Jacobs, flashing that hopeful smile, says he has been encouraged by his producers.

"The investors all met with Bill, and they are forming an army. They're letting the dust settle and they are rallying around this piece," Jacobs says. "They're planning a pretty big campaign. These producers believe in the play."

Haber, who's had more hits than flops, insists that he's clear-eyed about "Impressionism."

"The minute they stop buying tickets, I will close the show," he says. "I'm not in the charity business."

(Jeremy Gerard is an editor for Bloomberg News. The opinions expressed are his own.)

To contact the writer of this column: Jeremy Gerard in New York at jgerard2@bloomberg.net.