We study the transfer of spectral weight in the photoemission and optical spectra of strongly correlated electron systems. Within the LISA, that becomes exact in the limit of large lattice coordination, we consider and compare two models of correlated electrons, the Hubbard model and the periodic Anderson model. The results are discussed in regard of recent experiments. In the Hubbard model, we predict an anomalous enhancement optical spectral weight as a function of temperature in the correlated metallic state which is in qualitative agreement with optical measurements in V2O3. We argue that anomalies observed in the spectroscopy of the metal are connected to the proximity to a crossover region in the phase diagram of the model. In the insulating phase, we obtain an excellent agreement with the experimental data and present a detailed discussion on the role of magnetic frustration by studying the k−resolved single particle spectra. The results for the periodic Anderson model are discussed in connection to recent experimental data of the Kondo insulators Ce3Bi4P t3 and F eSi. The model can successfully explain the different energy scales that are associated to the thermal filling of the optical gap, which we also relate to corresponding changes in the density of states. The temperature dependence of the optical sum rule is obtained and its relevance for the interpretation of the experimental data discussed. Finally, we argue that the large scattering rate measured in Kondo insulators cannot be described by the periodic Anderson model.