Ok, I thought that Shutterstock best match was a 'simple' downloads per day equation .. or at least that each image would have one 'ranking' value, however the downloads/day value was figured out, and that ranking value would apply to all searches that images showed up in.
When looking at a couple searches however, such as horse and stallion, here are the results
Search: Horse
Position #2
Position #8
Search: Stallion
Position #7
Position #36
So you can see that those two images switch order and one moves down a lot in the second search... so obviously the search results are ranked by keyword performance as well. Not sure this proves or concludes anything.. it was just an interesting observation I wasn't aware of before.