Trading in old glories

MANILA, Philippines - Forty-one years ago, Ferdinand Flores quit college, packed his bags and left his family in Cuyapo, Nueva Ecija to try his luck in the United States. He landed a sales job at an antique store in Brooklyn, New York, where he learned the ropes of examining, buying and selling art and antique wares.

“I started buying pieces for myself,” recalls Flores. “I fell in love with what I was doing and thought it would be a good thing to be independent and be my own boss.”

Now in his mid 60s, Flores is known as one of New York City’s “dependable” fixtures in the antique wholesale business, providing over 200 serious collectors and dealers from around the U.S. and elsewhere thousands of antique items – from ancient pottery (3500 BC) to present-day porcelain decorative art (20th century).

“It took me about 12 years to learn the business and I’m still learning new things,” Flores tells STARweek in a recent interview at his main store in Manhattan, the popular Flores & Iva at West 25th Street, which he operates with his former employee-turned-business partner Iva Shaw. He is believed to be the only Filipino antique wholesaler in the Big Apple.

“I realized early on that this business is trial and error, with more error,” he shares, laughing. “Kaya pinag-aralan ko talaga ang pasikut-sikot (That’s why I really studied the ins and outs of the trade).”

His stores, specializing in Oriental, European, African and tribal art, have been patronized by some of the biggest names in New York’s high society, foreign diplomats and Wall Street big shots.

“Andy Warhol was a client,” he boasts. “He would quietly walk in and look around.”

Flores also has a handful of loyal Filipino clients, among them fashion entrepreneur Josie Natori and socialite and former actress Marya Coburn.

With his acknowledged expertise, even collectors and dealers in the Philippines look up to him and value what he has to say.

My favorite antique sources outside the U.S. are Baguio and Manila,” says the well-traveled Flores, who once worked as the official photographer for the now defunct Philippine Jai Alai on Taft Avenue, and as a waiter at Bayside Restaurant on Roxas Boulevard. 

“Whenever they (suppliers in Baguio) have tribal arts or religious statues to be disposed of, they call me and I would fly there. They let me see the pieces first ahead of the others.”

Among his stores’ vast collection, he values Chinese antiques the most, saying it would always increase in value over time.

One of Flores’ loyal clients, Jerry Hart, a long-time dealer from Houston, Texas, said that when it comes to Chinese antiques, he always relies on Flores & Iva.

“He (Flores) is highly regarded in this business,” Hart says, checking out porcelain and pottery ware from the Ming and Ching dynasties. “When it comes to Chinese antiques, you can always trust him. He offers antiques not available in the Texas area that’s why I fly here regularly. He even provides Filipino art and antiques.”

Flores, however, is quick to point out that he doesn’t really make much profit as a supplier, contrary to what many may think.

“Yes, we make a lot of gross,” he points out. “But by the time we pay the rent, the overhead, the import expenses and taxes, we’re just ordinary working people.”

For instance, Flores says if he acquired an antique piece for $10,000 and managed to sell it for $20,000 – already considered “a miracle” in the business – he would still have to pay all kinds of taxes. 

“After the smoke has settled, you’ll be lucky to get a 10 percent profit from the sale you have made,” he says. “That’s why my motto in this business is ‘buy and pray,’ pray that you’ll be able to sell the item you bought.” 

Flores points out that the money is actually made in auction houses, where serious collectors who treat antiques as an investment shell out fortunes for the so-called provenance, or documented ownership histories that confirm the authenticity of their art.

“These wealthy collectors love to brag that their antique came from Sothebys, that’s why they don’t mind spending a lot of money rather than directly going to antique stores themselves and looking for precious items,” he says.

Flores gets support from his wife, Myrna Corcuera, who has retired from the United Nations and now works full time at one of Flores’ stores at Showcase Antique Center, a few steps away from the Flores & Iva store.

Two other Flores stores at Showcase Antique Center are managed by a son, Ferdinand Jr., who is now a full time antique dealer. His other son, Fernan works as a computer analyst.

“This is really my passion, that’s why I’m in this business,” he says. “I find fulfillment here, which is very important to me. And I thank God my family is 100 percent behind me.”

Trust is the name of the game in this business, according to Flores, that’s why he is extra careful dealing with suppliers and clients. Once a dealer is caught cheating a client, the dealer’s reputation can be ruined and he or she will lose clients, he stresses.

“If a collector or a dealer purchases a piece from your store and brings it to an auction house like Sotheby’s or Christies, he can find out if you sold a fake or an authentic piece,” he notes. “You won’t survive or grow in this business if you are greedy.”

And how did he acquire an eye for valuable antiques and spotting the fake ones? 

“It’s hard to explain,” he says, “but you can perhaps compare me to a Louis Vuitton expert who can tell with just one look if a Louis Vuitton in front of him is fake. It’s something you learn and master over the years.”