What we all dream of is discovering a market that is poised to grow, but which hasn't yet taken off. Then, and only then, is it feasible for someone with average means to buy the best quality items at a reasonable price safe in the knowledge that when demand reaches fever pitch they will be able to sell for a truly spectacular profit.

For instance, if you had purchased even a modest amount of first class UK property, shares, art or antiques fifteen or twenty years ago you would now be sitting on massive gains. And the same has been true, at different times, for dozens of other markets from Picasso ceramics to Romanian office blocks and from Aboriginal paintings to French farmland.

Obviously, it is possible to make an above average return in any market with astute planning and professional advice. For really big profits, however, nothing beats getting in ahead of the pack. The trouble is, of course, finding an undiscovered market that has decent growth potential but which is stable enough to ensure that you aren't exposed to undue risk.

One sector which I believe may meet the brief is that of textiles - a market which no less an authority than the Financial Times recently tipped as 'a collecting field waiting to happen'; which a presenter on the television programme, the Antique Roadshow, described as 'poised for growth'; and which Forbes Magazine predicted would 'soon enjoy increased demand from young investors looking to build their collections and decorate their homes.'

What do I mean by 'textiles'? Any man-made material from a three thousand five hundred year old sheet of Royal Egyptian linen to a 20th century tapestry, taking in Medieval wall hangings and 19th century Irish lace along the way. Indeed, one of the key attractions of textiles is that it offers such a wide range of choice. You could build up a general collection or you could specialise in Indonesian silk shawls, bark clothes with abstract designs produced by the pygmy people of the Congo, European Crewel Wool Work hangings, samplers, Chinese sleevebands, Aubusson tapestries, or Victorian quilts - to name just a few of the possibilities.

Generally speaking prices have been rising slowly but steadily for several decades. However, many experts within the market feel that it is about to take off. This is because:

- Young collectors who can't afford to buy, say, a first class 'Old Master' can afford to buy the very best examples of antique textiles.
- The market is waking up to the fact that textiles are - essentially - works of art. They can be displayed with the same effect as a painting.
- Supply is scarce. Many of the best pieces are in museums.
- There are plenty of undiscovered 'masterpieces' to be found. Even quite experienced antique dealers and auction houses frequently fail to recognise really valuable pieces.
- The major auction houses have been investing in their textile departments and also holding regular, specialist sales making the market more liquid.
- There are a growing number of collectors, dealers and shows specialising in textiles.

Evidence of the potential offered by investing in textiles abounds. In June Sotheby's sold 170 items from Lord McAlpine's enormous textile collection including 20 flags produced by the Fante people of southern Ghana around a hundred years ago. Lord McAlpine did not disclose how much he had paid for each of the flags but indicated that it was next to nothing. Most of them sold for several thousand pounds each. The buyers were probably partly drawn by the colourful, dramatic and surprisingly contemporary designs and partly by the thought that these flags may be the next 'suzanis'.

Suzanis are one category of textile that has already started to show dramatic increases in value. Suzanis are silk-on-silk or silk-on-cotton embroideries made between around 1750 and 1850 in the villages that lined the fabled Silk Road in what is now Uzbekistan. They were originally intended to be part of a bride's dowry and their intricate, colourful designs first came to the attention of Westerners in the 1970s. Thirty years ago you might have paid as little as 20 or 30 for a fine example. Today prices start at around 3,500 and go up to 70,000 or more.

If you are interested in investing in textiles here are some hints to get you started:

- Look for a specific area that appeals to you and learn as much about it as you can. You'll find there are plenty of books, magazines, websites and societies to help you.
- Sotheby's, Christie's and all the other major auction houses have started to hold regular specialist sales. If you look through recent catalogues (all available online) you will get a good idea of prices.
- Two excellent publications to look at are 'Hali' (www.hali.com) and 'Textile' (www.bergpublishers.com).
- The Textile Society (www.textilesociety.org) is one of several non-profit organisations that help collectors.
- There are a number of major textile fairs every year - one where many dealers exhibit is the Hali Fair (www.halifair.com).
- Once you have decided what you are going to collect invest in the most highly prized examples you can afford.
- Remember, you don't need a lot of cash to invest in textiles. For proof take a look at some dealer websites. A good example at the bottom end of the market is Meg Andrew's site (www.meg-andrews.com) where you will find fantastic examples starting from a few hundred pounds.

I would like to stress that unlike, say, Old Masters or fine china, there are very few people with sufficient knowledge of the textile market to recognise good pieces when they come up for sale. If you are happy to search antique shops, markets, online, and at auctions you should be able to pick up undiscovered and under valued examples at a fraction of their true worth. A definite case of being able to turn rags into riches.