The Spitfire and Kittyhawk WW2 fighters had pulled out earlier in the week.
The RNZAF's Texan training aircraft would also be grounded.
"This mean no display over the parade on Friday," Napier Aero Club spokesman Dave Nash said, although if the weather were to start showing signs of improvement over the next 24 hours things could change.
"They will try to come through tomorrow and both groups will try for a display over the parade hopefully on Saturday- possibly in the evening - but again that depends on their arrival and weather conditions - depending on their arrival and weather conditions," Mr Nash said.
The Napier Aero Club and Art Deco Trust which had worked to get the aircraft to Napier were disappointed but accepted that there was nothing they could do about the weather.
Mr Pickering said the fluctuating rain conditions, from heavy falls to virtually nothing, meant assessments had to be made hour by hour.
Outdoor and marquee events which required "lots of power" and table set-ups could be affected.
"As we need to maintain the ground for other events through the weekend."
While the rain had caused a bit of a dampener he and his deco crew were optimistic.
"It's all still happening," he said.
"We are under way."
The rain had nor deterred too many visitors from dressing and wandering the central city however, and umbrellas were at the fore.
As Hawke's Bay Tourism general manager Annie Dundas said - "it gives you a great excuse to buy another outfit".
Streetside cafes were doing a quieter than usual business however, with the staffer at one saying she reckoned it would pick up through the weekend.
"But they are still coming in - just not too many sitting outside."
Art Deco update:
Due to the weather conditions here is the updated information for events on the following days:
Friday 17 February
Beach Banquet, 7.30pm
This has been moved to the Centennial Events Centre, 127 Vigor Brown St, Napier.
Free bus services will be available from the Tom Park Fountain to the Centennial Events Centre from 6.50pm. Please note they are not able to do the return trip after the event.
Depression Dinner, 7pm
The start location has changed to the Marquee at Clive Square.
Sound Shell Events
A final decision will be made at 5pm if the evening's events will take place.
Brebner Print Flying Display
This has been cancelled due to the weather conditions restricting flights from Auckland.
Saturday 18 February
Dilmah High Tea Affair, 10am
This has been moved to the Centennial Events Centre, 127 Vigor Brown St, Napier.
For further updates please visit our Art Deco Trust Facebook page