It seems like you're supplying an image file extension by default. This is helpful, since graphics handles this differently: If you [don't] supply an image extension and the file doesn't exist, it only creates a warning [error]. That makes a difference in terms of compilation, since a warning is not critical.
Therefore, I suggest using
\usepackage[draft]{graphicx}
Here's a minimal example:

\documentclass{article}
\usepackage[draft]{graphicx}
\begin{document}
\includegraphics[width=100pt]{some-bizarre-image.png}% This does not exist
\includegraphics[width=150pt,draft=false]{example-image.png}% This exists (http://ctan.org/pkg/mwe)
\end{document}
If you're not supplying the image file extension by default, then one may have to update \includegraphics to search for a possible file to include. Assuming you're compiling with pdfLaTeX, we can cycle through the possible image file extensions:

\documentclass{article}
\usepackage[draft]{graphicx}
\usepackage{pgffor,letltxmacro}
% https://tex.stackexchange.com/q/72930/5764
% .png,.pdf,.jpg,.mps,.jpeg,.jbig2,.jb2,.PNG,.PDF,.JPG,.JPEG,.JBIG2,.JB2
\newif\iffilefound
\LetLtxMacro\oldincludegraphics\includegraphics
\renewcommand{\includegraphics}[2][]{%
\global\filefoundfalse
\foreach \fext in {,.png,.pdf,.jpg,.mps,.jpeg,.jbig2,.jb2,.PNG,.PDF,.JPG,.JPEG,.JBIG2,.JB2} {%
\iffilefound\else\IfFileExists{#2\fext}{\global\filefoundtrue\xdef\imgfile{#2\fext}}{}\fi%
}%
\iffilefound
\oldincludegraphics[#1]{\imgfile}%
\else
\oldincludegraphics[#1]{example-image}%
\fi
}
\begin{document}
\includegraphics[width=100pt]{some-bizarre-image}% This does not exist
\includegraphics[width=150pt,draft=false]{example-image}% This exists (http://ctan.org/pkg/mwe)
\end{document}
We cycle through all possible extensions (including no extension at all, if you did supply that manually as part of \includegraphics) and identify the first available extension found as the combination \imgfile. We insert the image of a made-up (but existing) .png filename if the image doesn't exist.
\IfFileExists{foo.png}{\includegraphics{foo.png}{no foo today}? – David Carlisle Jan 18 '17 at 16:36