In 1921, sculptor Ivan Igor runs a renowned wax museum in London, where his lifelike creations are the main attraction. Disaster strikes when his business partner, Joe Worth, decides to commit arson to claim the insurance money. Igor tries to save his masterpieces but is engulfed by the flames, presumed dead along with the priceless collection. Twelve years later, Igor resurfaces in New York City, now an impoverished artist, launching a new wax museum with the help of assistants who are curiously quirky. Reporter Florence Dempsey becomes intrigued by the museum and starts to notice strange resemblances between the wax figures and recently deceased individuals.

Driven by her investigative instincts, Florence digs deeper into Igor's past and the mysterious occurrences at the museum. Amidst her probing, she gets her friend, Charlotte Duncan, involved, whose fiancé works at the museum. Tensions rise as Florence gets closer to uncovering dark secrets, culminating in a gripping revelation that exposes the sinister methods behind Igor's astonishingly real wax figures. Subplots involving romantic entanglements and police investigations enrich the narrative, adding layers to a tale of obsession and deception that keeps the audience enthralled until the chilling finale.