The House of Gaunt holds significant importance in the Harry Potter series. It was once a prominent and wealthy family in the wizarding world, originating from many powerfully magical wizards and witches, including Salazar Slytherin, one of the four founders of Hogwarts. Despite their illustrious past, the Gaunts fell into squalor and poverty, retaining only their arrogance, pride, and a few treasured family heirlooms. The Gaunts are also directly related to Lord Voldemort, making their lineage a crucial element in the series.