A sculptor of wax figures for a museum is horrified when his partner proposes setting fire to the unpopular museum in order to collect the insurance money. As the wax figures melt amid the blaze, the two men begin to fight. The sculptor is knocked out and left to 'perish' amongst the flames. He resurfaces many years later for the launch of his own wax museum. However, the opening coincides with the sudden disappearance of some dead bodies from the city morgue. His assistant begins to suspect his boss of foul play, especially after the deranged wizard of wax begins eyeing the friend of his assistant's lovely girlfriend as a model for a waxed figure of Marie Antoinette.