An amateur troupe of actors, Kairin Maru, puts on a play in an abandoned discotheque called by the Faustian name Mephisto. One of the scantily clad women who used to dance at the multi-floored disco is now an actress in the play called Watercolors. Themes of economic bubbles bursting, exhibitionism, marriage of play and the venue, risk, desire for fame and abuse are played out in the play and around the actors. It's almost a horror story but kind of surreal. I like the play reviews at the end that provide explanation by the critics.
The story takes place in Tokyo, past tense, 3rd POV shifting, and is about 23 pages long. "Watercolors" is included in Suzuki's collection, Dark Water. Suzuki wrote the book that has recently been made into the movie, Ring.
an interview with the author, Koji Suzuki
Wikipedia page about the collection of stories, Dark Water
link to the story, "Watercolors"