In this paper, we consider a two-wave mixing system using a photorefractive medium and compute the diffraction efficiency as a function of the writing beam ratios. In certain conditions, the diffraction efficiency is shown to be exactly proportional to the inverse of the object beam intensity. Experimental results, obtained using a Bi12GeO20 crystal, are compared to the theoretical expression. In particular, we investigate the dependence of the range of beam ratios over which inversion occurs on the experimental parameters of total writing beam intensity and applied electric field. Results of performing inversion of gray-scale objects using a degenerate four-wave mixing setup are shown.