1. An image processing apparatus for reading frame images which construct a moving image, setting an image correction condition based on a representative luminance value of each frame image and a target luminance value corresponding to the representative luminance value, and performing image correction on the frame image using the image correction condition, comprising: a detector, configured to detect a frame of a moving image included in a period of fade-in and fade-out effect; a determiner, configured to determine whether the frame included in the period of the fade-in and fade-out effect is included in a period of the fade-in effect or a period of the fade-out effect; a setting section, configured to set the target luminance value of the frame determined to be included in the period of the fade-out effect; and a corrector, configured to perform the image correction using the image correction condition set based on the frame image regarding the frame detected to be not included in the period of the fade-in and fade-out effect, and to perform the image correction using the image correction condition set based on the target luminance value and the representative luminance value of the frame image regarding the frame determined to be included in the period of the fade-out effect, wherein said setting section comprises: a first section, configured to estimate a final luminance value of the fade-out effect and end timing of the period of the fade-out effect; and a second section, configured to calculate the target luminance value of a frame of interest from the final luminance value, the end timing, and the target luminance value of a previous frame or the representative luminance value of the corrected frame image, or from the target luminance value of a frame in which the start of the period of the fade-in and fade-out effect is detected or the representative luminance value of the corrected frame image, wherein the detector, the determiner, the setting section, and the corrector comprise a processor.