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We report on our investigation of the electronic structure of Ti$_2$O$_3$using (hard) x-ray photoelectron and soft x-ray absorption spectroscopy. Fromthe distinct satellite structures in the spectra we have been able to establishunambiguously that the Ti-Ti $c$-axis dimer in the corundum crystal structureis electronically present and forms an $a_{1g}a_{1g}$ molecular singlet in thelow temperature insulating phase. Upon heating we observed a considerablespectral weight transfer to lower energies with orbital reconstruction. Theinsulator-metal transition may be viewed as a transition from a solid ofisolated Ti-Ti molecules into a solid of electronically partially broken dimerswhere the Ti ions acquire additional hopping in the $a$-$b$ plane via the$e_g^{\pi}$ channel, the opening of which requires the consideration of themultiplet structure of the on-site Coulomb interaction.

The $c$-axis dimer and its electronic break-up: the insulator-to-metal transition in Ti$_2$O$_3$