The talk was about sexy clothes and sexy flowers at the fashion show in conjunction with the preview luncheon of the redecorated Trader Vic's last week. The flowers were anthuriums, sometimes called "little boy flowers," mixed in the centerpieces, and the clothes were from I. Magnin.

Nothing sexy about the resort sportswear modeled, unless you consider Bermuda shorts sexy, but the evening dresses, suggested for wear to the Inaugural Ball, were quite bare -- bare shoulders, deep slits and at least one style with a plunging neckline hidden under sheer fabric.

Actually, inaugural ballgowns are on the minds of many.

Chief of Protocol Selwa (Lucky) Roosevelt is plotting the creation of a design -- with full credit to Yves Saint Laurent -- with black velvet top and several different skirts, particularly one in bright yellow; Caroline Deaver has her eye on a black and yellow, hers an authentic Oscar de la Renta at Saks Jandel. "I'm waiting for the big markdown," laughed Deaver.

Nancy Reagan has said her gown will be by James Galanos, who designed the one she wore four years back, and which is now in the Smithsonian Institution. And she will stick with Adolfo for the design of a costume of the swearing-in ceremony.

But since there will be two swearing-in ceremonies, will she have different outfits for each? Our guess is yes. Mrs. Reagan's sense of fairness, of sharing the wealth of her design attention, might toss the second assignment to David Hayes or de la Renta. Already in the works are several gowns by Bill Blass, one of which might be worn to the Inaugural Gala.