This study examines Hofesh Shechter's Theatre of Dreams through Walter Benjamin's concept of phantasmagoria, asking how the sensory conditions of modernity are organized on stage. It draws on field observations of both performances of the Korean premiere at the Seongnam Arts Center in March 2025 and on the performance program. At the bodily level, the gambler, the flâneur, and the collector serve as operational categories for movement that is triggered and repeated; at the temporal level, duration, repetition, interruption, and juxtaposition constitute continuity and rupture together; at the spatial level, curtains and lighting reveal certain bodies while concealing others. In all three, perceptible outcomes are selectively separated from the conditions that organize them. The phantasmagoria in this work is not a form that conceals everything but one that selectively distributes what is brought to the fore and what is left behind-revealing that the sensory reality of the modern subject is constituted within conditions already selected and arranged.