Mention The Great Gatsby, and people think Leonardo DiCaprio in a tuxedo, glass raised, framed by a blur of fireworks and exquisite Art Deco excess. Baz Luhrmann’s 2013 film adaptation brought F Scott Fitzgerald’s 1925 novel back into the mainstream, complete with a Jay-Z soundtrack and visuals designed for the digital age. The movie inspired a wave of Gatsby-themed parties, with people in rented tuxedos and synthetic flapper dresses sipping champagne from coupes for Instagram.

For a generation seduced by visual spectacle, this was their first encounter with Gatsby — not as the tragic dreamer Fitzgerald wrote, but as a dazzling host. Yet the irony is hard to miss: Fitzgerald’s novel quietly dismantles that fantasy...

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