As possibly the most opulent theatre company in town, Shakespeare Theatre is uniquely equipped to tackle An Ideal Husband, Oscar Wilde’s classic that sets society, power and money against love, truth and decency. The resources of the company’s masterful design team have been marshaled to knowing, story-supported use —and, hey, that story’s not too shabby, either, thanks to Keith Baxter’s keen, clear-eyed direction.

The plot, for those unfamiliar, is a good deal weightier than The Importance of Being Earnest, another Wilde favorite. It concerns the efforts of politician Sir Robert Chiltern (Gregory Wooddell) to escape the blackmail of one Mrs. Cheveley (Emily Raymond), who has come into possession of evidence that Chiltern, otherwise an “ideal husband” and moral paragon, made his fortune through insider trading. Chiltern’s crisis is both political and personal, particularly as his beloved wife (Rachel Pickup) is uniquely, and almost exclusively, attracted to him solely for his moral character. Luckily, he is aided in his plight by his friend Lord Goring (Cameron Folmar), a dandified wit and the show’s true star.

The pair of sets by Simon Higlett are worth the price of admission alone. Chiltern’s grand hall, dominated by a sweeping double staircase that so happens to create the image of a giant coin, makes up for in sheer beauty what it sacrifices in usable playing space — and earned a round of applause at curtain-rise before a single line was even spoken. Equally accomplished is Lord Goring’s parlor-room, a vision of vases and asymmetric shelves.

The ensemble, down to the butlers (Warren Katz and Floyd King, the latter earning an estimated laugh-to-lines ratio of 3:4) fill up those two spaces with charismatic performances, clothed as elegantly in Wilde’s famous epigrams as they are in Robert Perdziola’s stunning, character-detailed costumes. Raymond’s Mrs. Cheverly hints at deep wells of motivation beneath her smug, sharp exterior. Folmar gives us a natural portrait of Lord Goring as a man who cloaks his idealism in self-effacing airs, and his romance with Chitlern’s sister Mabel (Claire Brownell, marvelously engulfed in contradictions) is joyful and aww-inspiring.

Unfortunately, the one major strike against this production is that Wooddell and Pickup, while believable individually, never quite make their characters’ love for each other so believable, sapping the main conflict of its heart-rending potential. It’s a palpable loss, but not enough to derail the otherwise delightful proceedings.

This is a pretty show, but one that makes you question (and laugh at) the true nature of that prettiness even as you soak it in. Oh, and have I mentioned that the play’s plot, tackling a political scandal inside-out, is startlingly relevant? It’s a production well-suited to our times, and perfectly suited to this company.

An Ideal Husband runs through April 16 at Shakespeare Theatre Company in Sidney Harman Hall. Tickets are available online.