The Collaborative International Dictionary of English v.0.48:

Gaudy \Gaud"y\, a. [Compar. Gaudier; superl. Gauidiest.]
   1. Ostentatiously fine; showy; gay, but tawdry or
      meretricious.
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            Costly thy habit as thy purse can buy,
            But not expressed in fancy; rich, not gaudy. --Shak.
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   2. Gay; merry; festal. --Tennyson.
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            Let's have one other gaudy night.     --Shak.
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