Stable aqueous solutions of undecylenic-acid-grafted silicon nanocrystals (Si-nc) were prepared. The time evolution of the photoluminescence properties of these hydrophilic silicon nanocrystals has been followed on different timescales (hours and days). On a short timescale (hours), Si-nc tend to agglomerate while the PL lineshape and intensity are stable. Agglomeration can be reduced by using suitable surfactants. On a long timescale (days), oxidation of Si-nc occurs even in the presence of surfactants. These two observations render Si-nc very useful as a labeling agent for biosensing.