A dispersion and a method therefor wherein the dispersion has composition A or B, whereinA is a nonaqueous dispersion comprising pigment particles having an average size of less than 0.1 micrometer dispersed in an organic medium, andB is an aqueous dispersion comprising certain classes of inorganic pigment particles having an average size of less than 0.1 micrometer dispersed in an aqueous medium, wherein said classes of inorganic pigment particles are selected from the group consisting of metal oxides and metal salts.The method of the invention comprises the steps of vaporizing a pigment or pigment precursor in the presence of a nonreactive gas stream to provide ultrafine pigment or pigment precursor particles, when pigment precursor particles are present, providing a second gas capable of reacting with said ultrafine pigment precursor particles and reacting said second gas with said ultrafine pigment precursor particles to provide ultrafine pigment particles, transporting said ultrafine pigment particles in said gas stream to a dispersing medium, to provide a dispersion of pigment particles in said medium.