The spatial and temporal development of concentration profiles in a 11 cm column of Ferrofluid under various gravitational and magnetic field conditions has been studied using a simple, but sensitive, Colpitts oscillator circuit. Waterbase Ferrofluid exhibits a 100% concentration effect within 1 hour even in a uniform 230 Gauss magnetic field. This effect may be explained qualitatively through formation of large aggregates which then settle gravitationally. An estimate of the aggregate size is made using the measured settling times.