There is a sky blue tote that sold as the Louis Vuitton Cup 1992 Blue Keepall 45 Bag that had a white pennant (but a wide one and not a thin ribbon) placed at regular intervals a couple of inches apart about it. There is no "boat" per se in the picture, but if a simple mast with a main and spinnaker is what you saw, this may have been it. A link is provided.
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