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This paper investigates the weaknesses of image watermarking techniques. We present WAVES (Watermark Analysis Via Enhanced Stress-testing), a novel benchmark for assessing watermark robustness, overcoming the limitations of current evaluation methods.WAVES integrates detection and identification tasks, and establishes a standardized evaluation protocol comprised of a diverse range of stress tests. The attacks in WAVES range from traditional image distortions to advanced and novel variations of adversarial, diffusive, and embedding-based attacks. We introduce a normalized score of attack potency which incorporates several widely used image quality metrics and allows us to produce of an ordered ranking of attacks. Our comprehensive evaluation over reveals previously undetected vulnerabilities of several modern watermarking algorithms. WAVES is envisioned as a toolkit for the future development of robust watermarking systems.