Yes. The latter can also mean "antique". In English, "antique" is usually used to describe old things that still have some market value among consumers, such as furniture, jewelry, cars and clothing. "ancient" is usually used to describe cultures, civilizations, cities, ruins, times, etc.
minor: it is clearer if you use the same gender and number when comparing two adjectives:
- vecchio vs antico
- vecchia vs antica
- vecchi vs antichi
- vecchie vs antiche