Detective Ben Shaley has been hired to guard The Blue Panther, a valuable painting on loan to a gallery. During the invitation-only preview, both the painting and the necklace of a society art patron are stolen. The gallery's owner, Drexel Courtney, is willing to pay $15,000 for the painting's safe return. Shaley's attempts to negotiate with the thieves becomes an ordeal beach each is trying to double-cross the other.