The Vintage Traveler recently published the Pantone Fashion Color Report for Spring 2014.
I immediately thought, “I’ve seen that color combination before!” A peachy pinkish color, somewhere between beige and tan, with orange, yellow, pale blue, and aqua accents (plus a touch of darker color for contrast.)
I was able to photograph this blouse while it was in the collection of a friend. [The collection has been sold.] 
The mannequin was very small, so the blouson above the waistband doesn’t show properly, but this is a very close kin to the blouse pictured in this Pictorial Review pattern, which also uses two layers of sheer material to give opacity over the body and transparency to the sleeves: 
The blouse I photographed has a sleeveless layer of the chiffon – probably ‘crepe chiffon’ – inside the outer layer. The layers were not connected all the way around the neckline. It has above-elbow sleeves and is decorated with appliques of orange crepe chiffon, hand stitching in silk floss in colors of yellow, aqua, and orange, and pale blue and black beads, plus silvery blue beaded tassels. 
It’s possible that some of the beads outlining the appliques are the same color as the blouse fabric, but those in the tassels have a pearly, light blue tone. The silk embroidery in aqua and light orange continues the pattern of diamond shapes across the back of the blouse, and accents the sleeve hems. 
You can see the gathering which creates a sash effect at the front of the blouse. The ties in back are very long. There was no sign of a manufacturer’s label; it’s possible that this blouse was not store bought. Embroidery patterns were a big part of the pattern business in the 1910s and 1920s, when dress styles were often simple but accented with embroidery and beading. Pictorial Review pattern # 9186 suggests (Pictorial Review) Beading design # 12511 for the neckline of the blouse – available as a transfer in blue or yellow for 25 cents. 
witness2fashion 