Pretty! This is either a cloth sim or an Xparticles sim. (I’m betting the latter). I think this would be doable with TP native inside Cinema and combine it with a Volume object, but the key here is the shader. You might also be able to use a high rez cloth mesh and use a Field Effector to “kink” it along the fluttering length. Again, the shader will be the key.
In Xparticles, the “texture” the particles give off can become the texture of the “cloth” they make. So as the shader changes over time for each particle (or radiating out from each particle) that can leave a trail of color-changing “stripes” the way satin might iridesce.
This could also be TurbulenceFD. What that package can do is just short of black-magic-wizardry.
I suppose it could be a hair sim too – with enough strands packed together you can get a sheet of satin look. Hair shaders have a really nice gleam built in that you could color and that might create those pale blue shimmers.
And then it could be Houdini – with enough code you can do anything!
I’d be curious to see it animate – the mesh might be too high to render in reasonable times.
Don’t discount traditional methods – looking closer I can’t decide if that’s canvas texture or particle resolution. This might be good old fashioned paint.
This is THE killer cloth sim that can produce (along with the 3D package of your choice), fabrics that look beyond real. Along with deep shader tricks in any of the main render engines there’s little you can’t do.