The author delineates the sine qua non of masochism. After excluding pleasure in pain as an essential element, since fantasied pleasure will clearly suffice, three constituents of masochism emerge: the peculiar significance of fantasy, the suspense factor, and the demonstrative character. Numerous clinical examples are provided for each of these elements. The fantasy in masochistic perversion is characterized by lingering over preparatory pleasure in order to avoid the anxiety that accompanies orgasm. In this context the author refines the definition of masochism as a pleasure in the expectation of pain. Furthermore, the masochist may arrange to experience pain and humiliation to escape the anxiety of anticipating them. The demonstrative element in masochism addresses the necessary presence of the onlooker, a witness to the suffering, even if this takes the form of the masochist's reflection in a mirror.