Though entirely insignificant, the story is set around a hotel in Austria, before Princip taking out the Archduke. Plot follows, explicitly and quite graphically, the sexual adventures and experiments of fictional versions of three already fictional female characters- Alice, Dorothy and Wendy (Alice in Wonderland, Wizard of the Oz and Peter Pan respectively). Storyline is more or less a sharing activity by their adult versions at the wake of WW1, aided with artful renderings of their past adventures. Narrative is layered, with definitive visual layout and writing elements for each girl. For example, through most of the first book, Alice storyline was represented via looking glass, Woods(and her shoes) were a recurring theme for Dorothy and Wendy was a bit Victorian. (Also their first encounter with adventure were interpreted as their first sexual experience.)
Then there is sex, lots of it, in all imaginable/unimaginable permutations and combinations. And its not the kind that our teenage self would have loved a peek, but the kind that exhausts you as a reader. I put genuine effort in understanding the nuances in book 1, but by the next installment, the graphic nature transformed my reading into skimping and eventually skipping. By the last last book, so called plot was reduced to an utterly boring slide show of all the remaining sketches Moore and Gebbie crafted.
I don’t know where porn stops and art begins, or whether a distinction was even intended here in the first place. Anyway, whatever be the reasons – plot, art, expression, experimentation, provocation, shock yada yada yada ; Lost Girls is quite literally a ‘graphic’ novel.
These words from Moore himself would give a better understanding towards the inspiration and intentions of Lost Girls.
Certainly it seemed to us [Moore and Gebbie] that sex, as a genre, was woefully under-represented in literature. Every other field of human experience—even rarefied ones like detective, spaceman or cowboy—have got whole genres dedicated to them. Whereas the only genre in which sex can be discussed is a disreputable, seamy, under-the-counter genre with absolutely no standards: [the pornography industry]—which is a kind of Bollywood for hip, sleazy ugliness.
source : wiki