This delicious gothic tale can be read and interpreted in many different ways. For example, it is worth mentioning that it was published three years subsequent to the publication of Wilde's controversial novel The Picture of Dorian Gray, another fin-de-siècle work which had featured an accursed portrait and a young person of exquisite personal beauty. In both cases, the portrait and its owner were destroyed in a symbolic allusion to the death and degeneration of true art in the midst of a decadent generation that knew not how to value and read into it.
The story can also be read from the respective lenses of psychoanalysis and socio-economy. Mr. Devigne's experience amidst the lower middle-classes is tinged by an explicit bitterness he describes himself at the beginning of the narrative. Thus, when the money of his late aunt had saved him from the clutches of poverty, he admitted that his attraction towards Mildred, the woman he was then courting, had lost its luster. Before the inheritance, Mildred had been a solace and a comfort, but afterwards she merely became the almost unwanted link to his old hated life.
Thus, when the two portraits were found, he immediately associated himself with one of them, and identified the other as the prototype of a perfect mate. In this manner, the whole episode can be read as fits of hallucination or even dreams prompted by the man's repressed desire to break free from his engagement, and at the same time his unwillingness to do so at the expense of his character even though he wanted nothing else more fervently, which is clearly distinguishable in his final words of indifference towards both his wife and marital life.