I honestly don't know straight out of head what happens, but it did work perfectly in all cases I had.
I'll try some theoretical scenarios, like one you mention, or applying LUT to fully over-blown render and taking it back to average exposure.
Edit: Photoshop clamps it. Vray doesn't bake LUT (neither plans on). Imho could depend on LUT, as you proposed, ignore above 1. If the LUT pushes value up, retain dynamic range by ignoring it. If it lowers it than I guess it would clamp the whole range.
« Last Edit: 2016-10-18, 19:27:41 by Juraj_Talcik »
Logged
Please follow my new
Instagram for latest projects, tips&tricks, short video tutorials and free models
Behance Probably best updated portfolio of my work
lysfaere.com Please check the new stuff!