There was an Italian Brazilian painter, Alfredo Volpi, that specialized in painting them. He did paint other things, but stop any man or woman in the streets of Brazil and ask what Volpi painted and s/he'd say: "Bandeirinhas".
Here's my take, photo taken on my sweet girl's 8th birthday:
The orange in the background is waaay to bright but I can live with that, I am not going to redo it. :-)