To hold someone in high esteem means to:

Holding someone in high esteem signifies that you value and respect them greatly, appreciating their qualities and contributions in a meaningful way. This appreciation goes beyond mere recognition and involves a deep regard for the person's character, abilities, and the impact they have on others.

In this context, the idea of holding someone in high regard aligns with an acknowledgment of their worth and the positive traits they embody. It embodies a holistic view, recognizing not just their achievements but also their values, principles, and the respect they command in various aspects of life.

The other options do not capture the full essence of high esteem. Ignoring someone's faults would imply a lack of critical engagement with their character, which doesn't equate to true esteem. Flattering someone constantly suggests a superficial form of praise that lacks sincerity and depth of genuine appreciation. Recognizing only their achievements also falls short, as it neglects the overall person and the qualities they possess beyond their successes. Thus, the most accurate understanding of holding someone in high esteem is to truly prize and regard them for who they are comprehensively.