Zawe Ashton and Jake Gyllenhaal in Velvet Buzzsaw.

Writer-director Dan Gilroy and Jake Gyllenhaal, who previously partnered up on Nightcrawler, take a creative step backward with Velvet Buzzsaw, an art-world satire/horror effort.

Gyllenhaal plays Morf Vandewalt, an art critic losing his lust for the profession. His love affair with Josephina (Zawe Ashton), an art-house employee, gets confusing in many ways when she comes across paintings by a dead man in her apartment building. The paintings, which the artist literally put his blood into, have deadly consequences for those who gaze upon them.

Gyllenhaal is his usual sharp self, creating something funny without going for obvious laughs. Rene Russo is equally good as a ruthless art dealer—she’s willing to cut down anybody who gets in her way. The supporting cast includes Toni Collette, John Malkovich and Billy Magnussen, which contributes to the feeling that the film should be more than what it is.

And what is it? It’s sharp satire in its first half, and a sloppy horror film in its second. Velvet Buzzsaw is not scary by any means, and it tries a little too hard to be. Gilroy takes his eye off the ball, loses focus and wastes a promising premise and solid performances.

Velvet Buzzsaw is now streaming on Netflix.