Eastern treasure hidden in our homes

We all dream of finding a fortune in our attic, and it is possible. Last year a couple discovered a Chinese vase while clearing out their parents' house in London and sent it to auction. It sold for 43 million after being spotted as an 18th-century Qianlong porcelain piece.

The time has come for Scottish families, particularly those with historic connections with the Empire or army, to turn out their cupboards. The meteoric growth of the Chinese and Indian economies could easily deliver them with a surprise windfall, given the insatiable appetite for porcelain, plates, vases, ivory or any other artwork from the Orient.

The antiques and collectables world in the UK has undergone its own shakeout during the recession, with the internet opening up global trade. But pressure on margins, combined with changing tastes, has seen many traditionally safe investments, such as antique furniture, losing their shine.

As with so much during the recession, China and India have come to the rescue. The prices for even modest Chinese and Indian ceramics, pottery and art have gone through the roof, as investors from the East seek to repatriate their artwork.

Patrick van der Vorst of www.valuemystuff.com said: "The Chinese are the big collectors right now, because they are the ones with the money. But they only want to buy Chinese items. They want to buy back their heritage and repatriate artworks that were taken from them.

"Now the Indians have also come in on the back of their economic upsurge. But like the Chinese, they are only interested in acquiring their own heritage. They are on a mission to bring it all home.

"The Chinese even have buyers here on the ground, scouting for all sorts of Chinese collectables. We're seeing really ordinary pieces going for remarkable prices."

Richard Longwill, of Shapes Auctioneers in Edinburgh, agreed: "I don't think they have ever forgiven us for the sacking of the Summer Palace, and they want their stuff back.

"There is a great deal of Chinese ceramics and other artwork in Scotland, because the Scots were so involved in Britain's overseas adventures. They were entrepreneurs, soldiers and empire builders, and they brought treasures back with them."The palace was destroyed by the British and French during the Opium Wars of the late 1800s, in an act which was described, even at the time, as barbaric.

Longwill added: "In many Scottish cupboards you will find old pieces of Chinese porcelain and plates which the owners think are ordinary and everyday. Yet quite ordinary pieces of Chinese artwork are now going for extraordinary sums. The Chinese are watching the market like hawks and are prepared to pay to get their heritage back."

However, in other areas the world of collectables is suffering, with many of the old certainties cast adrift.

Antique furniture has performed poorly of late, while demand for offbeat contemporary items has surged.

According to Van der Vorst, the market is no longer about long-term value but style, fashion and making a big splash.

He said: "No young investors want to buy old furniture. They would rather go for a football shirt signed by Beckham.

"The days of quietly owning a discreet treasure for generations are over for the time being. Today's young investors are loud and flash."

When it comes to furniture, 1970s pieces considered pass a couple of years ago are now highly desirable and can fetch big money.

Similarly, machinery past its sell-by date, once considered junk, has suddenly become collectable. Items such as old typewriters, word processors and even dishwashers and fridges can go for surprising sums.

Van der Vorst said: "An old oven recently went for about 3,000 which until now wouldn't have been worth anything."

Longwill added: "I rescued an old carpet from a skip and sold it for 13,000. It was a special carpet, but you have to know what you are looking for."

For those thinking long-term, and who like old furniture and traditional masters, there has rarely been a better time to buy if you want to bag an heirloom at a bargain price. If you hold on to it until fashions change again, you may look back on your purchase as a windfall of its own.

If it is a quick killing you are after, charity shops are excellent hunting grounds for treasure. They carry out house clearances for estates which leave their chattels to the charity. However, not all charities are equipped with valuers, and it is not unknown for Ming vases to be sold for a few pounds over the counter.

Car boot sales are also great locations for discoveries. But always start your search in your cupboards and attics. If you do discover a gem, it is now possible to have your precious article valued online, or even sold at an online auction.

Longwill said: "The internet has changed the way we work. Our major cities, such as Edinburgh, used to be full of small antique shops, and collectors would get to know the staff and trust their judgment about items."They offered a very personal service, but high rents have made it difficult for them to survive on tight margins. Even so, the internet has been a good thing overall. You can now display your item on the web so buyers all over the world can see it and bid."