Nah, this is not the Robert De Niro movie of the same title but Otto Preminger’s 1949 version of Lady Windermere’s Fan from a script by Dorothy Parker.
In the present day scenes, Mrs Erlynne (Madeleine Carroll in her last major movie role) is seen in a, for its time, wonderful old-age makeup by Ben Nye; Madeleine Carroll was in her early forties at the time.