Vanadyl alcoholate, organic titanate, polyhydric alcohol compositions as esterification/transesterification catalysts

A composition consisting essentially of the reaction product of (A) an organic titanium compound having the formula:

• Ti(OR).sub.4
• wherein R is a radical selected from the group consisting of an aliphatic radical having from 1 to 18 carbon atoms, an alicyclic radical having between 1 and 3 rings, between 5 and 6 carbon atoms per ring, and between 5 and 18 carbon atoms per molecule, an aromatic radical having between 1 and 3 rings and between 6 and 18 carbon atoms per molecule with (B) a vanadyl alcoholate compound having the formula:
• ##STR2## wherein R is a radical selected from the group consisting of an aliphatic radical having from 1 to 18 carbon atoms, an alicyclic radical having between 5 and 6 carbon atoms, and a benzyl radical, and (C) a polyhydric alcohol containing 2 or 3 hydroxy groups selected from the group consisting of aliphatic, alicyclic, and aromatic polyhydric alcohols, and ether compounds of aliphatic and aromatic polyhydric alcohols wherein the mole ratio of the titanium compound to the vanadyl compound to the polyhydric alcohol compound is 1:1:1.