Sensuality and sexuality
This novel is erotic, dealing with the darker side of human sexuality, the more embarrassing, intimate side of the equation. Instead of intimacy and connection, Wanda and Severin experience a wild ride of intimacy, exposing their full personalities through BDSM. Each person gets a chance to dominate the other one, and when Wanda leaves Severin, she does so in a sensual, embarrassingly sexual way—by enslaving herself to another man whom she likes better. This seems like betrayal, but it could also be seen as part of the BDSM aspect of their relationship.
Authority and power
By playing with dominance and submission, these adventurous lovers learn about power and authority. The tension in their relationship comes from Severin's role as a dominating male authority figure over his lover, Wanda, but Wanda recognizes the game and plays back, ultimately winning by embarrassing Severin and leaving him feeling inadequate.
Feminism
Then there is the revelation of Severin in the aftermath of Wanda cuckolding him. He realizes that the power struggle that they have been depicting in their sexuality has led him to a new idea. He says that he believes that women need to be given the same opportunities in education and work, because playing out the power dynamic in bed left him feeling empty and lonely. He realizes that if what he wants in life is a sexual partner, that he cannot resort to his masculine tendencies to possess and control others.