Abstract: The wave turbulence theory predicts that a conservative system of nonlinear waves can exhibit a process of condensation, which originates in the singularity of the Rayleigh-Jeans equilibrium distribution of classical waves. Considering light propagation in a multimode fiber, we show that light condensation is driven by an energy flow toward the higher-order modes, and a bi-directional redistribution of the wave-action (or power) to the fundamental mode and to higher-order modes. The analysis of the near-field intensity distribution provides experimental evidence of this mechanism. The kinetic equation also shows that the wave-action and energy flows can be inverted through a thermalization toward a negative temperature equilibrium state, in which the high-order modes are more populated than low-order modes. In addition, a Bogoliubov stability analysis reveals that the condensate state is stable.