There are provided a method and system for color correcting displays with different color gamuts. The method includes performing color correction on source picture content, using at least one of a non-reference type display having a non-reference color gamut and a reference type display having a reference color gamut. The performing step includes mastering the source picture content to provide mastered color corrected picture content for display on the reference type displays having a reference color gamut. The performing step further includes generating metadata for a subsequent inverse color gamut mapping that color transforms the mastered color corrected picture content for display on non-reference type displays having a non-reference color gamut. The subsequent inverse color gamut mapping is an inverse operation of a color gamut mapping applied during the color correction to obtain the mastered color corrected picture content for display on the reference type displays having the reference color gamut. The source picture content is mastered only for the reference type displays having the reference color gamut.