That's the Cover of Dazzle Ships, by 80s synth-pop band Orchestral Manoeuvres in the Dark, or as they later became known, OMD. I own a copy. I like it. I never knew where the name came from, though, until I ran across this.
Apparently "dazzle ships" came from the experiment of painting garish cubist designs on military ships in WWI to try to make it more difficult for submariners to estimate their speed and heading, and reduce the risk of torpedo attacks.
That's the French cruiser Gloire in full dazzle kit. Follow the "read more" link for a few more photos and explanation.
It's a better derivation than Spandau Ballet, to be sure.