One of the last sailing ships lost at Gunwalloe was the Austrian Diana which was crippled off of Wolf Rock by a gale on 8 December 1874. The ship drove ashore at Creeg–an–Pella, a small cove near Gunwalloe. Her crew was saved by rocket line but the ship finally broke up.

A new lighthouse was established on Wolf Rock and those at the Lizard and Longships were improved. Steamships began to be used and the use of certain sailing ships declined, resulting in a decrease in wrecks from the late 1870s onwards, less than a dozen from 1877 to 1916 are recorded.