Product Description Not surprisingly, it works beautifully with Mars Red since Copper is the iridescent version of it. Encaustic paint is composed of pigment, beeswax and resin. It is applied molten to a surface and fused to create a lustrous enamel effect. It is among the most durable of all artists’ paints, since wax is impervious to moisture and over time retains all the freshness of a newly finished work.. Once the surface has cooled, the paint has reached a permanent finish, but the painting can also be revised and reworked at any time — whether seconds or years later. Encaustics need to be applied to a rigid substrate such as a panel or hard board.