Image compression schemes, such as JPEG and JPEG2000, degrade the quality of a reconstructed image due to their lossy characteristics. Among such degradation factors, color bleeding is particularly visible around colors between highly contrasting chrominance areas. This phenomenon is a result of the abrupt truncation of high-frequency components due to coarse quantization and subsampling of the chrominance channel, which appears as color smearing owing to spurious colored oscillations in the reconstructed image. Consequently, a change of color information, such as loss of the chrominance component and corresponding color smearing phenomenon, affects the gamut characteristic of the reconstructed image. Accordingly, this paper investigates the relationship between the compression ratio and the gamut area for a reconstructed image when using JPEG and JPEG2000. Eighteen color samples from the Macbeth ColorChecker are initially used to analyze the relationship between the compression ratio and the color bleeding phenomenon, i.e. the hue and chroma shifts in the a*b* color plane. When increasing the compression, color bleeding becomes apparent between adjacent colors samples, resulting in a loss of chroma in relation to the original color. However, some original colors exhibit a chroma increase due to spurious colored oscillations along the color sample boundaries. In addition, a hue shift appears along the direction connecting adjacent colors samples. Twelve natural color images, divided into two groups depending on four color attributes, are also used to investigate the relationship between the compression ratio and the variation in the gamut area. For each image group, the gamut area for the reconstructed image shows an overall tendency to increase when increasing the compression ratio, similar to the experimental results with the Macbeth ColorChecker samples. However, with a high compression ratio, the gamut area decreases due to the mixture of adjacent colors, resulting in more grey.