Farkus Faffner plans to auction off Faffner Hall's collection of musical instruments. The late Fughetta Faffner, a distant relative of Farkas and the founder of the hall, is horrified when she learns of Farkas' plans. The residents of the hall, including Riff, Mimi, the Wild Impresario and the ghost of Fughetta, attempt to teach Farkas that instruments are worth more than their monetary value.