After pondering this for a day or so, I will say that surface prep will make a HUGE difference in light reflecting properties. You can't beat a hand planed surface for reflective properties. Sanding up into the auto/metal polishing grits also leaves a very glossy surface, as do the types of finish applied. I guess you could compare a hand sawn surface for emphasis. Yes, the wood plays a part, but surface prep is another part.
robo hippy
So, yes...nature of the wood surface is a factor in the EXHBITION of the effect of chatoyance. FWIW, I would not say it CAUSES it, it affects how the effect exhibits.
The nature of the surface of the wood will affect how the surface interacts with the wavefront of light. A rough sawn surface that leaves lots of ridges and valleys, torn fibers, etc. will scatter a lot of light, which is partly why dry woods look flatter and often brighter than finished woods. Finishing, technically, I wouldn't say "darkens" with finish (although there are exceptions do that, where chemistry plays a role), but it is more that a finished surface changes the nature of how the surface interacts with the wavefront. An unfinished surface will scatter more light. A film finish that sits on top of the wood will affect how light is initially presented, and affect scattering to a degree. A penetrating finish will have a more significant impact as it helps light not only interact with the surface but also penetrate the surface and interact with the fibers differently.
There are several factors of how the wavefront interacts that affect how the wood looks: reflection, refraction, and even diffraction. Some light will reflect, some light will refract, and some light will diffract among the fibers at a more microscopic level. There are also differences in exactly how these affect the wavefront. Reflection off of a rough surface will result in a lot of scattering, whereas reflection off of a super smooth well planed surface will scatter less. Both are reflecting, it is the nature of how light is reflected that changes. Refraction will occur with any wood surface, to differing degrees. Some light will refract (be bent into the wood by its material and fibers). A smooth surface will present a more consistent surface and refraction will be more consistent. A penetrating finish will help light refract into the wood more than no finish or a film finish. Diffraction is an effect of how a wavefront interacts with small to microscopic obstructions, and the fibers themselves can present an obstruction that light will diffract around, creating other kinds of effects that reflection and refraction cannot.
Chatoyance will exhibit most powerfully when the surface is very smooth, with a good penetrating finish. So yes, a hand planed surface will likely present the best possible wood surface, and even without a finish, will improve chatoyance. A good penetrating finish with that planed surface will allow for better penetration of the wavefront and chatoyance will maximally exhibit. A sanded surface with a good finish will be pretty close. A finish plays a role here in how light reflects and refracts, and since chatoyance is dependent on the fibrous nature IN DEPTH, deeper penetration will allow more fibers, not just those near the surface but also slightly deeper, to affect the way chatoyance presents.
So I agree, surface prep and finish both play a role in how this INTRINSIC property of, IMO, all wood, exhibits in the end. Unprepared or unworked wood will scatter the most light most of the time, which will obscure the effect of chatoyance (you can sometimes still see it, in the right kind of light, even with rough unworked woods, but the scattering limits how much light can penetrate and interact properly with the fibers of the wood to cause the effect). A very cleanly finished surface, say in the case of turned items maybe scrapers are the best way to produce the best possible surface, with high grit sanding being second, will certainly help. How you finish will as well, and surface film finishes that don't penetrate, in my experience, do not do nearly as much to help the wood exhibit its chatoyance as much as anything that does penetrate. Even a little penetration helps...which is why I think shellac can improve chatoyance. While it mostly forms a film, some of it does penetrate a little, and when sanded back presents a very smooth surface as well. For the best exhibition of chatoyance, though, penetrating finishes, which I think are mostly oil based finishes (not sure if there are any others, perhaps CA if its thin enough and allowed to actually penetrate for a while before hardening), are the best way to allow the light to reach beyond the surface of the wood, interact with those fibers (which does also involve diffraction as well as refraction and reflection) and produce the maximal effect.