andare in fumo means to loose something, such as waste your time, or something of material.
example:
1. due to my indecision during my exam i wasted 6 months of study
a causa della mia indecisione all'esame sono andati in fumo (ho perso, ho buttato via) 6 mesi di studio
2. due to current crisis we have lost all our properties
a causa della crisi sono andate in fumo (abbiamo perso) tutte le nostre proprietà
2015년 9월 23일
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''andare in fumo'' means a situation where you loss, that a occasion lost, you don't take advantage from anything, so you can't gain a opportunity, you are a loser if you must say ''andare in fumo'', i am afraid for you, good luck for future event.