diff --git a/release/scripts/modules/bpy_extras/image_utils.py b/release/scripts/modules/bpy_extras/image_utils.py
index 7d409510c85..c21b750fd1f 100644
--- a/release/scripts/modules/bpy_extras/image_utils.py
+++ b/release/scripts/modules/bpy_extras/image_utils.py
@@ -97,7 +97,7 @@ def load_image(imagepath,
 
         # image path has been checked so the path could not be read for some
         # reason, so be sure to return a placeholder
-        if place_holder:
+        if place_holder and image is None:
             image = _image_load_placeholder(path)
 
         return image