The days of wine and roses may soon be coming to an end.

As Condé Nast continues to take a pounding, with ad pages off 30 percent to 40 percent in many titles, some industry observers are expecting that the perks doled out to the highest-ranking executives and chief editors among the most lavish in the industry may be the next to take the hit.

The Advance Publications empire has always been founded on two basic rocks, the glitzy magazine wing of Condé headed by Chairman S.I. Newhouse Jr., and the newspaper side, headed by his brother, Donald Newhouse, the president of Advance.

But the patriarchs of the Newhouse media empire saw their fortune decline from $8 billion to $4 billion over the past year, according to Forbes, and the newspaper side, once a solid money minter, has been in turmoil.

None of this can be good news to the people inside 4 Times Square, home to Vanity Fair, Vogue, GQ and Glamour, and their boldface-named talent like Anna Wintour, David Remnick and Graydon Carter. Many of the cutbacks so far, in head count and revenue, have seemed to be aimed at mid-level staffers.

For example, there is no hiring going on, there is no longer a tuition-reimbursement plan and the company is ceasing to fund its corporate pension plan adding no newcomers.

Still, there are plenty of perks at the top and these may be the next to go.

“While competitors are walking and taking subways and taxis, Condé people are still taking town cars with a driver,” said one source. Top executives, publishers and editors also get personal cars that they keep at home, often valued as high as $100,000.

“Those things are culturally ingrained,” said one ex-Nasty. “It’s a fabric of the company. I think they’re worried if they took it away, nobody would work there.”

Among the perks that have disappeared in recent months: being able to expense lunches at the desk. But the higher ups still regularly dine at the Four Seasons and stay in five-star hotels in Paris and Milan.

And when Joanne Lipman flew to Davos, Switzerland for a high-level pow-wow, she flew first class on the way out and business class on the way home.

The cutbacks and drooping ad revenue have fomented fear and loathing in the ranks and also resentment. Until the recent hard times, most top executives self-audited their expenses. “Nobody ever questioned them.”

MIN’s latest ad-page tallies show the ad picture is worsening for Condé, which is already believed to be doing worse than any other publisher in the recession as the luxury-goods marketers keep their checkbooks closed.

In the intervening weeks, CEO Chuck Townsend and the financial bean counters have made the rounds to most of the publishers and editors.

Some are being asked to cut the number of editorial pages, some are being asked to cut costs by a specific dollar amount and some are being asked to cut discretionary spending by 10 percent.

“They seem to be making an attempt to cut the things that are extras, while not taking away things that would impact readers,” said one insider.

Said one industry executive who once worked at Condé, “The cuts you’re seeing now at Condé Nast are only the tip of the iceberg.”