Pierre-Emerick Aubameyang scored his 50th Arsenal goal but Wolves came from behind to earn a 1-1 Premier League draw at Emirates Stadium on Saturday.
The Gabon striker was captaining Arsenal in the absence of Granit Xhaka, who was left out for the second game running after his reaction to being substituted against Crystal Palace.
Aubameyang had failed to score in three consecutive league games but opened the scoring in the 21st minute, though Arsenal remain winless in three top-flight matches after a late leveller.
Wolves struck with 14 minutes to go, Raul Jimenez climbing at the back post to head in Joao Moutinho's cross and extend Wolves' unbeaten league run to six games.
Wolves dominated the opening exchanges before Aubameyang - Arsenal's fifth starting captain of the season - hit a weak volley to waste a clear chance at the other end.
Arsenal took the lead within three minutes of that opportunity. David Luiz found space on the right wing and picked out Alexandre Lacazette in the box, the striker feeding Aubameyang to tuck home.
Lucas Torreira and Lacazette then forced saves from Rui Patricio as Arsenal gained control, but after the interval Wolves got on top again.
Bernd Leno denied Jimenez before a series of defensive blocks kept the visitors at bay, while Romain Saiss was perhaps fortunate only to be booked for a poor challenge on Arsenal's substitute striker Gabriel Martinelli.
Arsenal's inability to kill the game came back to haunt them as a clever Wolves throw-in from Jonny Castro Otto allowed Moutinho to cross for Jimenez and salvage a point for his side, deepening the woes of Emery and prompting full-time boos from home fans.
What does it mean: Arsenal lack resilience again
Following some poor defensive displays, what Emery will have craved was a solid performance at the back. He seemed to be getting just that as Arsenal aimed to collect what would have been only their second clean sheet in the Premier League since August. But their weaknesses were exposed once more as Wolves claimed a point they certainly deserved.
Aubameyang leads by example
Arsenal's rotating captain's armband ended up with Aubameyang and he should have proved the match-winner, scoring his goal moments after wasting a good opening.
Only six players have reached 50 goals for Arsenal faster than Aubameyang. The former Borussia Dortmund striker, who joined in January 2018, did so in his 78th appearance.
Ozil struggles to take his chance
Restored to Arsenal's Premier League lineup for the first time since September after impressing against Liverpool in a midweek EFL Cup thriller, Mesut Ozil had a chance to prove Emery wrong for sidelining him this season.
But the former Germany midfielder was unable to dominate with Arsenal often on the back foot. While he did record more passes than anyone on the pitch they were typically not incisive. Lacazette recorded as many key passes despite being withdrawn for Martinelli after an hour.
Both sides have Europa League action in midweek, with Arsenal away to Vitoria Guimaraes on Wednesday and Wolves hosting Slovan Bratislava the following day. Next weekend's Premier League action sees Arsenal travel to top-four rivals Leicester City and Wolves host Aston Villa.