From the seller:
A gorgeous 1920s vintage flapper era dress in a satiny teal color silk crepe with a circle full bias cut skirt ~ a bias cut hip peplum ~ glass buttons that detail the front of the bodice ~ ruching on the sides of the waist ~ a beautiful ecru color lace neckline ~ ties that extend from the narrow seamed cuffs on the sleeves ~ a long tie belt to cinch the waist ~ and snap closures on the side of the dress. You can see in the last couple of photos that there's underarm stain and one tiny slit by one of the underarms. Also, just a tad bit dusty in a couple of places from storage (very minor). The dress is otherwise in excellent antique / vintage condition. Measures ~~ 46 1/2" length, 35" bust, 30" waist, 15" across the shoulder seams.
This is very much from the 1930's. I suspect it's later than 1932 because of the sleeve shape but that someone wanted the butt skirt (peplum) which was popular earlier on.