A process for preparing ultrafine pigment dispersions comprising providing a solubilized mixture of pigment-Lewis acid complex and an aprotic organic solvent; precipitating the resulting solubilized complex into a protic solvent thereby forming a dispersion of ultrafine pigment particles; removing the aprotic and protic solvents to afford a wet cake containing finely divided pigment particles; optionally neutralizing and washing the wet cake particles; and redispersing the resulting ultrafine pigment particles in an aqueous solution, an organic solvent, or mixtures thereof, and a binder resin to form an ultrafine pigment and binder resin dispersion.