John Carter to the rescue! He points out some important factors in "Ways to Find It," which was posted earlier today. (Scroll down to find this earlier posting.)
"Please be careful when using Search to find images (especially when using the 'All images' button under 'Search For' in the left panel of Finder). The Search For > All images will show results for all images in the iPhoto Library as well as images contained within application resources, which could number in the thousands. The result is a bit confusing as you might think there are images on your system that you did not put there or that there are duplicate images. You do NOT want to touch those images.
"To identify the path where the image is located, look carefully at the bottom of the Finder. The path will look something like this:

"Or, it might look like this:

"In the latter case, you need to hover over each path element to see what it is.
"So please pay attention to the path and ignore anything that is part of iPhoto Library or an application."