While many shops are struggling for business, Mihye Cortese is keeping her fingers crossed. Hers may be one of the few types of businesses poised to do just as well in bad times as good.

“;In times of recession, I think people will appreciate stores like us,”; she said of her Kailua boutique, Antiques & Treasures, a co-op that deals in secondhand treasures such as designer, vintage and antique jewelry, clothing and housewares such as linens, Franciscan china and a 19-piece Haviland Limoges table set.

You'll also find gently used jackets by Chanel and garments by Pucci, as well as Louis Vuitton, Dior and Gucci handbags, at about a third off retail prices.

“;I think many people are starting to realize they've accumulated too much, beyond their means I suppose,”; says Cortese, who provides the upscale shopaholic with an outlet for fine-quality objects they no longer want, use or can afford to keep, like a woman who recently bought a diamond ring and had the stone reset in a new setting for $5,000, only to be unable to keep up payments once the work was finished.

People who suddenly find themselves rich in belongings but short on cash “;find out they can sell their things, as well as buy,”; Cortese said.

To celebrate her shop's fifth anniversary, Cortese is hosting a pre-Christmas Mahalo Party on Saturday and Sunday, with refreshments and 10 percent off almost all the store's inventory, except for some seller consignment pieces.

Cortese, who spent 20 years in the retail business before opening her own shop, started with designer and vintage clothing, handbags and costume jewelry, but over time, it was the jewelry business that took off. While you can still find a handful of Ming's and Tiffany pieces as they become available, these days you're just as likely to find precious jewelry of gold and platinum set with diamonds, emeralds, rubies and sapphires.

“;The idea of beautiful things thrown away is so hurtful to me,”; Cortese said. “;I'm a believer in recycling, especially of older things, which are more beautiful, to me, than newer things.”;

Her appreciation of art and design started when she moved from Korea to Glendale, Calif., at the age of 15. Glendale is the home of the Brand Library & Art Center, and at that time, Cortese said she was able to borrow art to grace her bedroom walls.

“;My mom would ask, 'What in the world are you doing?' but I could borrow art and change it anytime. I don't think it was anything valuable. There were landscapes and portraits, lithographs of Beethoven, things like that. That's where I learned to appreciate art. There were certain pieces I really liked, so I would try to renew (the loan) over and over. I think the maximum we could keep a piece was two months at a time, but I wanted more.”;

Her own tastes have changed as the boutique has grown to include treasures from around the world.

“;I started with Oriental and Hawaiian antiques, but I've learned to love European things,”; she said. “;And I always thought jewelry was frivolous, that it was for people trying to impress others. Now, I think about it starting out as being something from nature, waiting to be discovered. I think about how someone took great pains to design it and all the skills used to transform it into a work of art, because that's what it is when it's handmade.”;

Her newfound appreciation of jewelry has become an occupational hazard, as she sometimes ends up buying pieces brought in for resale, but she makes it clear there's still a vast selection for holiday hunters.

“;Some pieces I can't part with,”; she said, “;but I can't buy it all.”;