From the USA Library of Congress Bain collection via flickr.
Beaded rope appears in Erté illustrations and I recall seeing them used in Mrs. Woodrow Wilson's inaugural ball dress. Here they are again - or something similar such as chain being used as sleeves and ornamentation for the rest of the dress. The next image shows the smudge around her head is an ornament and not an imperfection in the photo. This dress has a low waistline - the kind seen in the 20s.