EXHIBIT ITEM 23(l)


                               Purchase Agreement



                                INVESTMENT LETTER

                        SELIGMAN VALUE FUND SERIES, INC.


     Seligman  Value Fund Series,  Inc.  (the "Fund"),  an open-end  diversified
management investment company, and the undersigned (the "Purchaser"),  intending
to be legally bound, hereby agree to the following:

1.   The Fund hereby sells to Purchaser and Purchaser  purchases  such number of
     Class I shares of Capital Stock (par value $.001) of the Seligman Large-Cap
     Value Series of the Fund (the "Large-Cap Value Series")  corresponding to a
     $1,000.00  investment,  at a price  per share  equivalent  to the net asset
     value of one Class A share of the Large-Cap Value Series as of the close of
     business on November  30, 2001 and such number of Class I shares of Capital
     Stock (par value $.001) of the Seligman  Small-Cap Value Series of the Fund
     (the "Small-Cap Value Series") corresponding to a $1,000.00 investment,  at
     a price per share equivalent to the net asset value of one Class A share of
     the Small-Cap Value Series as of the close of business on November 30, 2001
     (the  "Purchase  Date")  (collectively,  the  "Shares").  The  Fund  hereby
     acknowledges  receipt  from  the  Purchaser  of  funds  in  the  amount  of
     $2,000.00 in full payment for the Shares.

2.   Purchaser  represents  and  warrants  to the Fund that the Shares are being
     acquired for investment and not with a view to  distribution  thereof,  and
     that Purchaser has no present intention to redeem or dispose of the Shares.

IN WITNESS WHEREOF, the parties have executed this agreement as of the Purchase
Date.


                                                SELIGMAN VALUE FUND SERIES, INC.


                                                By: /s/ Lawrence P. Vogel
                                                    ----------------------------
                                                Name: Lawrence P. Vogel
                                                Title: Vice President


                                                SELIGMAN ADVISORS, INC.


                                                By: /s/ Stephen J. Hodgdon
                                                    ----------------------------
                                                Name: Stephen J. Hodgdon
                                                Title: President