This research evaluates the stability of an aqueous emulsion of acrylic copolymers and waxes. Edelwachs, generally applied on wood, has been recently used as an unconventional medium in contemporary painting. Through Pyrolysis–Gas Chromatography–Mass Spectrometry (Py-GC-MS) and Fourier Transformed Infrared Attenuated Total Reflectance (FT-IR-ATR) analyses, the composition of Edelwachs was defined as a mixture of acrylic polymers (MA, MMA, nBA, nBMA), Carnauba and microcrystalline waxes and additives. Mock-ups-obtained mixing Edelwachs with titanium white, zinc white and ultramarine blue were subjected to UV, high temperatures, and high relative humidity accelerated ageing. The effect of the ageing procedures was evaluated through optical microscopy, colourimetric measurements, FT-IR-ATR, Thermogravimetry and Differential Scanning Calorimetry (TG-DSC) and wettability measures. FT-IR-ATR spectra do not show significant variations in terms of chemical stability, indicating a fair stability of Edelwachs as a painting binder. UV and high temperature treatments show the most relevant effects in terms of colorimetric changes (increasing of b*) and thermal stability. The TG-DSC highlights the influence of the pigments (specifically zinc white) mainly on the thermal behaviour of the acrylates. The unexpected decrease of wettability of the paint films, registered after ageing, may indicate a possible phase separation among acrylates and waxes.