Ligated metal cluster compounds containing a core of metal atoms with well defined structure surrounded by a variety of organic and inorganic ligands are closely related to the bare metal clusters that are only now becoming available in uniform cluster size. The evolution of band structure and the development of metallic properties as a function of cluster size are of considerable interest. We report here a comparison of these two types of systems based on a study by X-ray photoelectron spectroscopy. The valence band spectra of ligated Au clusters compounds are similar in many respects to those of bare clusters, indicating significant participation of the d electrons in bonding. The core electron binding energy shifts of the central Au atom in Au11(PPh3)7Cl3 corresponds to the loss of approximation one 6 s electron. The total charge transferred to the halogens is accounted for by the shifts of the central and three halogenbonded Au atoms. No indication of metallic behaviour is found in the core of the ligated clusters.