I like the choice of typeface for “ART” and “WINE” and I think the black rectange looks quite dignified and reinforces the art idea.
The bottle and glass both feel quite busy though and the the lowerase and grey “and” feels like it’s not part of the rest of the design. I think I can understand your reasons why you’re trying to lighten the contrast and make it more subtle, however I think it looks a bit out of place.
Have you considered changing the “and” to the same size and colour as the other words and making it an ampersand instead?
Regarding the bottle and glass, I think you need to pick either the bottle or glass, there’s just too much detail in them, to have them both.
Hope this helps