There were a lot of ways to go with this one. Bright and colorful, all brown, all blue, blue/red, green/ dark sea blue, foamy white ... If you do a Google search you'll find lots of different schemes.
I went for a figurehead that had once been painted a bright blue but had faded with age and is now showing the brown wood underneath, as well as white sea foam encrusted along the bottom.
The swords are meant to be water-based - dark blue at the base (representing deep water), moving up to lighter blue and then white foam at the tips.
These are some quick pictures i took with my camera while I wait for my wife to take some better professional photos.