COATING COMPOSITIONS CHARACTERIZED IN THAT THEY ARE WATER-SOLUBLE UPON NEUTRALIZATION COMPRISING (A) A REACTION PRODUCT OF A DIENE POLYMER AND A ALPHA, BETAETHYLENICALLY UNSATURATED CARBOXYLIC ACID AND/OR A DICARBOXYLIC ACID AND/OR AN ANHYDRIDE AND/OR A DIESTER AND/OR A SEMI-AMIDE THEREOF, WHEREIN UP TO ABOUT 70 PERCENT OF THE CARBOXYL GROUPS ARE REACTED WITH A MONOHYDRIC ALCOHOL; AND (B) A HEAT-REACTIVE CONDENSATION PRODUCT OF FORMALDEHYDE WITH PHENOL CARBOXYLIC ACIDS ARE DESCRIBED. THE COMPOSITIONS, WHILE BEING QUICK DRYING, HAVE A LOW SENSITIVITY TO AIR OXIDATION.