The watch, estimated to sell for 6,000 pounds ($9,500) or more, is a diamond-set Rolex given to Presley by his longtime manager, Tom Parker. It is engraved, "Elvis merry Christmas your pal Col. Tom Parker." It was the last Christmas for Presley, who died the following year.
Madonna's corset by Jean-Paul Gaultier is of green silk with conical cups and beaded fringe, embroidered with candy stripes of opalescent sequins and peppermint bugle beads.
Christie's estimates that the corset will sell for at least 10,000 pounds.
Christie's previewed the sale on Friday. The auction will be on Thursday.