Index: extensions/ParserFunctions/ParserFunctions.php
===================================================================
--- extensions/ParserFunctions/ParserFunctions.php	(revision 17981)
+++ extensions/ParserFunctions/ParserFunctions.php	(arbetskopia)
@@ -163,6 +163,17 @@
 
 	function ifexist( &$parser, $title = '', $then = '', $else = '' ) {
 		$title = Title::newFromText( $title );
+
+		/* If namespace is specified as NS_MEDIA, then we want to check the physical file,
+		 * not the "description" page.
+		 */
+		if( $title->getNamespace() == NS_MEDIA ) {
+
+			$image = new Image( $title );
+			return is_object( $image ) && $image->exists() ? $then : $else;
+
+		}
+
 		return is_object( $title ) && $title->exists() ? $then : $else;
 	}