Lucile Hadžihalilović is a good bet for the most underrated director on the planet. She’s only made four features in 20 years, but with obsessive consistency each time: an exquisitely controlled hermetic world that exudes weird biological and psychological anxieties – from the pre-pubescent prep school of 2004’s Innocence, to the island hospital nurturing impregnated boys in 2015’s Evolution. These microcosms, governed by their own internal laws, seem to exist in some far-off arthouse realm indifferent to regular cinema.

But her new film, The Ice Tower, makes the coyest of glances towards commercial territory by rooting itself in Hans Christian Andersen. “Vast, immense, glittering like ice was the realm of the Snow Queen,” lullabies Marion Cotillard in the preamble; the story is the preferred bedtime reading of teenage orphan Jeanne (Clara Pacini), who escapes from her foster home, heads down the mountain, and stows away on a film production of the fairytale. The queen is being played by imperious diva Cristina van der Berg (who is played for us by none other than la Cotillard).

Seen through Jeanne’s eyes, it is film-making itself that, this time, becomes a rarefied, hieratic Hadžihalilović world. The set-dressings, fittings and backstage loiterings are heavy with latent significance. Offering herself as an extra, Jeanne becomes an initiate in this rite. After Jeanne poses as “Bianca” on set, Cristina adopts the girl with the white stuff as her protege; the kid, enthralled at finally entering the magic kingdom, is only too happy to comply. As scenes from the shoot spin kaleidoscopically into Jeanne’s daydreams and back, Hadžihalilović keeps us at a crepuscular threshold of the artificial and the real, fiction and the truth.

But this is a cautionary tale, about the perils of fantasy and idolisation. Guided by her reverie, Jeanne doesn’t understand what she is seeking from her frosty role model: a mother substitute, or an infatuation. Call it a madonna-hoar complex. Or perhaps it’s even more: to become the Snow Queen herself. Sharing a similar forlorn past, Cristina knows the price of inhabiting the fantasia: “You think that is enough for her?” she says of her character’s splendid isolation. In the film’s indeterminate analogue 1970s setting is a warning for all who are dazzled and entranced by too much imagery in the digital snowglobe.

And where, as the ondes Martenot warbles disquietingly on the soundtrack, is the monster hiding in this fairytale? Could it be the director (played by Hadžihalilović’s real-life partner, directorial enfant terrible Gaspar Noé), seen at one point slime-ing up another ingenue? No, of course it must be Cotillard – reigning over the film, ever more claustrophobically, with trademark damaged hauteur. You could interpret The Ice Tower as a kind of #MeToo film – but one with a very French bent, the country having embraced the movement suspiciously. Perhaps the monster is film-making and art itself: hoarding and crystallising beauty, as Hadžihalilović does so expertly, until desire hits absolute zero.