In London, American Jim Crocker (Robert Montgomery) is a popular caricaturist known as "Piccadilly Jim." When Jim's father, James (Frank Morgan), an out-of-work actor, announces his engagement to Eugenia Willis, James assures Eugenia's sister, Nesta Pett, that Jim is a world-famous artist. In a series of blunders, Jim loses his job and meets Eugenia's family while drunk. Annoyed by the Petts' snobbery, Jim begins sketching them and launches a new, successful cartoon strip starring them.
Jim's father wants to marry Eugenia, but her sister Netta refuses to allow it. When Jim sees Ann at a club, he falls for her even though she is with Lord Priory. He meets her the next day at the riding path, but she quickly loses him. He searches all over for her, not knowing that his father's hopeful fiancée is her Aunt. As his caricature work suffers as he searches, he is fired from his paper. But he makes a comeback with the comics 'Rags to Riches' which is based upon the Pett's. But this upsets the Pett's so much that they go back to New York, and he follows, being careful not to let them know that he is the one who draws the strip that parodies them.
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