All she is wearing are bracelets and a pair of high heels. Her breasts and posterior are exposed. She covers the genital area with one hand.
The series of photos appeared in Max, the European men's magazine which no longer exists. At the time she was not married to Trump and her last name was Knauss. Here you can see the spread and read Vincent's article.
To some the way the photos had been taken may represent "art." And the Trump campaign may attempt to position and package the spread as that. Good luck.
It's doubtful that these photos will be a plus for the Make America Great Again campaign.
In addition, the Trumps have to explain why Melania's website vanished after her educational credentials had been questioned. On the website she had claimed to have an undergraduate degree in architecture and design.
Some are contending she did not complete that degree.
One wonders how the Hillary Clinton campaign will make sue of this photo spread.