I first saw this movie years ago, and have seen a lot of erotic thrillers since. I watched it again recently and my estimate of it went through the roof ... I simply had not seen enough erotic thrillers to properly evaluate it when I first watched it.
In form it is an adaptation of a common Internet bondage fantasy: a hot young woman (played by Carolyn Lowery) is forced by circumstances to become the sexual plaything of a wealthy older man (Ben Gazzara at his oily best here) joining a sex club called "The Circle" as one of their slave girls. Basically, it's a harem, but the inhabitants aren't there because they are slaves or wives, they are simply young women who like all that money they get for being in the harem, and don't mind wearing sex harnesses and having sex with older men.
In most Internet bondage fantasies, the progress of the story consists of the young woman learning how very, very much she likes being (or playing the part of) a sex slave. But Vicious Circles has a much twistier plot that involves freeing her brother from trumped-up drug charges. She learns to use her sexual prowess for her own and others' benefit, becoming a more powerful person in the process. It's a refreshingly different story.
The direction, pacing, cinematography, and most of all the writing of this movie are all topnotch. The acting is a little wooden in places, especially by the supporting character. Carolyn Lowery pumps so much heat and sizzle into her character that her growth as a temptress seems matter-of-course: I can think of many actresses for whom it would simply not be believable.
There are a couple of very silly scenes, most especially the mysterious wazooifier and the grasshoppers. Well it's not PERFECT -- that's why I gave it an 8 instead of a 10. But compared to most erotic thrillers, which are either all erotica (and generally more pornographic than erotic) or all thriller (and generally not all that thrilling) this film is a work of genius.