IT is the fag end of the year for most industries, but in the movie business spring is about to be sprung. The awards season proper begins on January 7 with the Golden Globes, followed by Bafta nominations on January 9, and Oscar shortlists on January 22.

From then till the lights dim on the Academy Awards ceremony at the end of February it is going to be busy, busy, busy, with Yorgos Lanthimos’s aptly named period drama figuring largely in the fuss. Boasting not one, not two, but three terrific performances from women, a deliciously witty screenplay, and a director so hot you could fry an egg on his cv, The Favourite looks set to be just that with awards juries.

Whether it will find wider acclaim is another matter. It has taken 20 years for The Favourite to get from script to screen. The very factors that make it stand out– the women leads, the obscure setting during the reign of Queen Anne, its director’s daring – could count against it in an age that too often plumps for the safe choice.

Here is hoping the reigning queen of British drama, Olivia Colman, has name power enough to draw audiences in. The star of Broadchurch, who is set to play Queen Elizabeth in the new series of The Crown, here takes the Queen Anne part.

Oscar-winning Emma Stone (La La Land, Birdman) will be a similar draw to Colman among Americans of a certain age. Her performance as a former lady reduced to servant status is sure to put her toe to toe with Rachel Weisz, playing Anne’s confidante, in many a best supporting actress tussle.

As Lanthimos begins his tale the 18th century is in its infancy. England is fighting the French, and MPs are bickering with each other. Pummelled by ill health in general and a martyr to gout, the Queen finds affairs of state draining, and is content to be guided by her friend Lady Sarah (Weisz), the wife of Lord Marlborough. Two women joining forces against ranks of men, their relationship extends far beyond politics.

As the clear favourite of the Queen, Lady Sarah guards her position fiercely. A young servant, Abigail (Stone), who claims to be Sarah’s cousin fallen on hard times due to a gambler of a father, appears at first no threat to the older woman. She is, if anything, a kindred spirit: sharp, wise, and such fun.

Abigail, however, is tired of bumping along the bottom of society. She wants to climb the ladder again. But to get anywhere she will need to get past Lady Sarah. So begins a tussle between the two women for the Queen’s affection, a competition the monarch is only too keen to encourage for the benefits it brings.

Deborah Davis and Tony McNamara’s screenplay moves deftly from one side of this triangular relationship to another. The wit becomes more savage, the rivalry more intense, the stakes ever higher as the year goes on. It is like a dance that grows faster and faster, the turns increasingly out of control. Where will it end?

The director of The Lobster and Dogtooth is never happier than when he has a bizarre situation and complex characters to explore. He ramps up the weirdness, pulling surprises galore, and engineering some wildly amusing moments. Stone, English accent pitch perfect, and Weisz, have a glorious time trying to best each other.

This is no mere court farce, however. Courtesy of Colman, we start to see the Queen as far more than a spoiled woman used to getting her own way. The story behind why she has 17 rabbits in her bed chamber, and has given them all birthdays, shows that even the most privileged lives are not without sorrow.

Colman conveys this complexity with seemingly effortless ease. What a performance. At one point, Lanthimos keeps the camera on her face as an emotion takes hold. Nothing seems to move but everything changes. It is a masterclass in screen acting, and one which will hopefully be rewarded in the weeks to come.