From W&N technical information about Artisans:
"As water is added some colours will lighten in tone. This is due to an emulsion being formed. The colour will return to its original hue as the water evaporates. This colour change is reduced by the use of mediums in addition to water. The colour remains wet and workable after the evaporation of the water, like a conventional oil colour. "
Essentially the emulsion can create a foaming effect that makes the color look lighter than it actually is. The less water you use, the less noticeable it is, and is more apparant in the darker values. This can happen with other brands also.
If it's bothersome to you, you might consider trying W&N's miscible thinner instead of water.