SQL Server 2008 R2
This doesn't work:
IF @exists = 1 
    SELECT
        @pic = pImage.BulkColumn
    FROM
        OPENROWSET(BULK @fn, SINGLE_BLOB) AS pImage
ELSE
    SET @pic = NULL
unless I replace @fn (an NVARCHAR) with a hard coded string like N'C:\path\to\some.jpg'. But there must be a way to use a variable there, right?