  Using a general analytical continuation scheme for cluster dynamical mean
field calculations, we analyze real-frequency self-energies, momentum-resolved
spectral functions, and one-particle excitations of the metallic and insulating
phases of VO2. While for the former dynamical correlations and lifetime effects
prevent a description in terms of quasi-particles, the excitations of the
latter allow for an effective band-structure. We construct an
orbital-dependent, but static one-particle potential that reproduces the full
many-body spectrum. Yet, the ground state is well beyond a static one-particle
description. The emerging picture gives a non-trivial answer to the decade-old
question of the nature of the insulator, which we characterize as a ``many-body
Peierls'' state.
