Answer: It depends how wet you mean by wet. Siberian iris prefers a soil that is evenly moist but will tolerate average soil moisture in the garden, too. It is not the most water tolerant of the iris. Here is an example.
If you have a wetter soil with say some spring flooding you could try Japanese iris (Iris ensata) instead as it needs a wetter spot -- although it should not be under water during the winter. It needs damper soil than an average garden situation or it will not grow well.
If you have a truly boggy situation or standing water you could try the yellow water iris, Iris pseudacorus, which likes that much moisture and is often sold for water gardening.
I hope this helps.
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