Wouldn't that be a very sexy situation? To be so adored that your partner is aroused by showing you off to others? Or to be so proud of your partner that you get a kick out of others objectifying their naked body? I know that I would most definitely enjoy both scenarios.
What, for me, distinguishes this particular kink is that it is the simple act of putting (or being put) on display. There is no sex involved as this would likely fall into the category of cuckolding or cuckqueaning. I have two partners who have exquisite bodies and I'd enjoy parading them unclothed in front of an appreciative audience. I'd also be extremely flattered (/surprised) if someone wanted to show me off.
Another distinguishing factor is that sense of ownership. This isn't some random naked person being put on display, it's someone who is special to you and with whom you have some sort of relationship.
"Guys, you've all met my girlfriend before. Well tonight, with your permission, I'd like to show you how great she looks naked."
Hot, right? Of course, unlike King Candaules, you should ensure that your partner has consented to being exhibited naked and that your audience is aware (preferably keen) about what's about to happen.
Such a situation is likely to only arise amongst close acquaintances who are kink-friendly. But it may be possible to engineer a situation where you and a friend very briefly 'catch' an 'unaware' (i.e. consenting) partner in a state of undress, then suggest to this friend that the partner doesn't mind being seen. Based on their reaction you either continue the show or apologise and move on.
This scenario may, however, be unethical - even if the glimpse is brief it is still non-consensually imposing semi-nudity on an innocent. In an adult club, however, this behaviour is welcomed. I've been fortunate to have attended such clubs and, as an extremely proud owner, found that exposing my sub to an enraptured audience to be enormously arousing.
So, if Candaulism is something you'd like to try, I would suggest that you:
1. Ensure your partner is fully consenting (check out RACK or SSC)
2. Find a friendly sex club or event
3. Discuss between yourselves how and when they're going to be exposed
4. Start the show - you'll soon have an audience
5. Enjoy (or, if uncomfortable on the night, don't force it)