The reaction of an alkyl nickel acylate complex with a variety of mono-and disubstituted acetylene derivatives was investigated. Depending upon the substitution pattern and the reaction time, the reaction product can be a 1,4-diketone, a cyclopentenone, or a γ-lactone, but only when the reaction is performed under an Ar atmosphere. When a CO atmosphere is used, no reaction occurs. The mechanism for formation of each of these compounds is discussed.OM9906767