1. A method for predicting a high dynamic range image element, said method comprising: receiving low dynamic range (LDR) image data; receiving high dynamic range (HDR) image data comprising prediction data and an HDR residual image element; extracting an LDR image element from said LDR image data, wherein said LDR image element is represented in a coding color space; converting said LDR image element to an alternative color space, thereby creating a color-converted image element; modifying said color-converted image element based on said prediction data; re-converting said modified, color-converted image element to an HDR prediction image element, wherein said HDR prediction element is in said coding color space; and combining said HDR prediction image element with said HDR residual image element to form an HDR image element.