If T is auctioned later than M and V, and S is auctioned on an earlier date than M & V, and H is auctioned on a later date than T, we have the following order:
S > M > T > H V
We know that S cannot be auctioned 1st, thus the only remaining item - L - must be auctioned first since four items must be auctioned after S.
L S M T H V
M & V must be auctioned after S and before T but we cannot determine their exact order, thus it is possible for them to be 3d and 4th items auctioned or vice versa (D).
(A) is impossible because the rules tell us that T is auctioned on an earlier date than the H or on an earlier date than V but NOT both, meaning there are two possible scenarios:
H > T > V or V > T > H
Since this question tells us that V > T, it must be true that T is auctioned before H.