Color characterization of a high dynamic range (HDR) image capture device is provided. Color checker image data of a color checker at multiple exposures is obtained. Color values for neutral patches and exposure values are extracted. A colorimetrically accurate response curve is determined based on the neutral patch color values and the exposure values. An optimized transformation associated with the device is derived through gamma curve compensation based on the neutral patch data and comparison of color values of the compensated image with known color values of the color checker. A calorimetrically accurate HDR image is generated from scene image data of a scene captured by the device at multiple exposures through extraction of exposure data, modification of color values based on the colorimetrically accurate response curve and the exposure data, averaging the modified color values, and transformation of the averaged color values based on the optimized transformation.