UV-visible spectrophotometry, size exclusion chromatography, and UHPLC-QqQMS were combined to evaluate the respective impacts of chemical changes and adsorption by yeasts on both proanthocyanidins (PA) and anthocyanins during the fermentation of a thermovinified red must by four yeast strains. Results evidenced a sharp decrease in anthocyanins (similar to 45%) and color intensity (similar to 50%), along with the formation of pyranoanthocyanins and flavanol-anthocyanin dimers related to yeast metabolism. However, the latter only accounted for 10% of anthocyanin losses. Comparison of spectrophotometry and phloroglucinolysis data underlined the involvement of PAs in chemical changes, related to yeast metabolites but also to direct reactions. Color losses during fermentation in this case study were mostly related to the formation of colorless compounds and to a decrease of copigmentation. Adsorption represented only a small proportion of pigment losses (similar to 5%) but a major part of those corresponding to total oligomeric/polymeric species, which were specifically involved. Only small differences could be evidenced between the four studied strains.