The air- and moisture-stable pentanuclear yttrium cluster H(5)[Y(5)(mu(4)-O)(mu(3)-O)(4)(mu-eta](2)-Ph(2)acac)(4)(eta](2)-Ph(2)acac)(6)](Ph(2)acac = dibenzoylmethanide) has been used as a homogeneous catalyst for the oxidation of aldehydes to the corresponding carboxylic acids in the presence of air.