In my limited experience, any wood I've worked with that has some kind of figure other than the grain, e.g flaming, quilting, that normally runs perpendicular to the grain, common with Maple, Walnut, Limba etc - there is usually some shimmer/chatoyance, but as @ScottR says, it's visible in the blank and is enhanced by finishing, not created by finishing.
That figure is far less common in mahogany. I use African mahogany (Khaya) a lot, but I've never been lucky enough to get a piece with any flaming/rippling in it. I've seen a few high end PRS where they used flamed mahogany for the body, but those pieces will be hard to come by and cost a fortune.