This movie was a pre-Sex and the City (1998) role for actress Kim Cattrall, seen topless in the movie, and whose wife of a boat club owner having an affair with gigolo Rob Lowe consolidated a screen persona for her that contributed to her being cast in the TV series.
A television version exists where there is extra footage. First, there is a much longer conversation between Tim Whalen (Rob Lowe) and Brooke Morrison (Kim Cattrall) in bed in which they discuss her numerous affairs with other men. Second, Olivia Lawrence (Meg Tilly) discusses with Tim about their past summer before they met. This scene is in her Manhattan apartment either before or after Olivia's meeting with her attorneys. And lastly, Olivia approaches Tim overlooking the window and starts to kiss him passionately.
The names of the two yachts in the boat race at the start of the film were "Cannonaball" and "Obsession". The latter was the name of the vessel that Tim Whalen (Rob Lowe) captained, its Reg No being # 40704. The name of the sloop that heiress Olivia Lawrence (Meg Tilly) owned was "Masquerade".
The film's "Masquerade" title refers to the false show or pretense that represents the foggy and unclear hidden motives of certain characters in this suspense-mystery. "Masquerade" is also the name of the boat owned by Olivia Lawrence (Meg Tilly).
The trivia item below may give away important plot points.
This 1980s film noir was scored by John Barry who had previously scored another, Body Heat (1981). In the finale of Masquerade (1988), a boat is blown up, similarly, in the other film, the climax has a boat-house exploded. Both explosions feature in both film's denouements.