I’m trying to recreate this effect, my issue here is the creases, wrinkles and folds. I started with experimenting with the cloth modifier but my version(scroll down below) was lacking detail compared to the example shown.
After messing with a bit more, I think I now know why i was lacking the wrinkles and folds.
My mistake was I had a plane with a couple of subdivisions and applied a SS modifier on it, which I thought increases the geometry for the cloth simulation but only made it smoother. Instead you have to go to edit mode and manually subdivide your mesh.