The present principles are directed to a parameterized OETF/EOTF for processing images and video. The present principles provide a method for encoding a picture, comprising: applying a parameterized transfer function to a luminance (L) signal of the picture to determine a resulting V(L) transformed signal; encoding the resulting V(L); wherein the parameterized transfer function is adjusted based on a plurality of parameters to model one of a plurality of transfer functions. The present principles also provide for a method for decoding a digital picture, the method comprising: receiving the digital picture; applying a parameterized transfer function to the digital picture to determine a luminance (L) signal of the digital picture, the parameterized transfer function being based on a plurality of parameters; wherein the parameterized transfer function is adjusted based on a plurality of parameters to model one of a plurality of transfer functions.