The unusual solvatochromism of C-70 is investigated in a variety of solvent mixtures by optical absorption and fluorescence techniques. Distinct reversible color change from pink to purple is seen in the solvent mixtures studied. Such changes are seen also for C-60 solutions in some solvent mixtures. Formation of clusters is found to be responsible for the observed optical changes. Light scattering studies are carried out to confirm the presence of clusters which show that the particle size varies from similar to 100 to similar to 1000 nm depending on the concentration of the fullerene. It is found that the solubility of the fullerene in the solubilizing solvent and that in the solvent mixtures are the major factors governing the aggregation behavior of the fullerene. Polarity of the solvent plays a minor role in the formation of aggregates.