It was repeatedly demonstrated that a negative emotional context enhances memory for central details while impairing memory for peripheral information. This trade-off effect is assumed to result from attentional processes: a negative context seems to narrow attention to central information at the expense of more peripheral details, thus causing the differential effects in memory. However, this explanation has rarely been tested and previous findings were partly inconclusive. For the present experiment 13 negative and 13 neutral naturalistic, thematically driven picture stories were constructed to test the trade-off effect in an ecologically more valid setting as compared to previous studies. During an incidental encoding phase, eye movements were recorded as an index of overt attention. In a subsequent recognition phase, memory for central and peripheral details occurring in the picture stories was tested. Explicit affective ratings and autonomic responses validated the induction of emotion during encoding. Consistent with the emotional trade-off effect on memory, encoding context differentially affected recognition of central and peripheral details. However, contrary to the common assumption, the emotional trade-off effect on memory was not mediated by attentional processes. By contrast, results suggest that the relevance of attentional processing for later recognition memory depends on the centrality of information and the emotional context but not their interaction. Thus, central information was remembered well even when fixated very briefly whereas memory for peripheral information depended more on overt attention at encoding. Moreover, the influence of overt attention on memory for central and peripheral details seems to be much lower for an arousing as compared to a neutral context.