High‐dynamic range displays provide impressive image quality, but require markedly higher bandwidth. Here we report results of the first large‐scale subjective assessment of HDR image compression. We applied the ISO/IEC 29170‐2 flicker paradigm to evaluate two state‐of‐the art VESA codecs (DSC v1.2a, pre‐release version of VDC‐M) at several compression levels.