My answer is based on the following answers from dozens found in SOEN
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Local Directory
Images can be easily cached when
stored in the file system.
Keeping images in DB is more expensive than keeping it on a file system.
In terms of performance it is probably best to store the file
in the file system and just type the file name or
file path, and perhaps the mime type for the database.
Another reason to go to the file system is when you have to
share your data (images or sounds, video, whatever)
with third party access: in the case web application that uses images that
have to be accessed from "outside" the local network in such a way that
a database access to retrieve binary data is
simply impossible.
You will not have problems with increasing DB load and connections that
consume (which can be expensive for
connections).
Database
The reason for storing binaries (images) in a database is the
containment. When all the data is in a database,
thus greatly simplifying your backup strategy.