flaunt / flônt
1. to show off or display in a pretentious manner
One courts misfortune by flaunting wealth.
2. to wave in the air in a manner that attracts attention
Over it flaunted a Union Jack, flapping cheerfully in the morning breeze.
From “The War of the Worlds” by H. G. Wells, 1866 – 1946
Of unknown origin, it may be from variants of or combination of the English verbs flout and vaunt or from the dialectal Swedish word flankt (loosely waving, in a fluttering manner) from the verb flakka (waver), which is related to the English word flag.
Thank you to Allen Ward for providing this etymology.