Added module.

Author: andkirby

Framework/Image.php

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+<?php
+namespace OnePica\NoImage\Framework;
+
+use Magento\Framework\Image as ImageFramework;
+
+/**
+ * Class for creating placeholder which will prevent throwing an error
+ *
+ * @package OnePica\NoImage\Framework
+ */
+class Image extends ImageFramework
+{
+    /**
+     * Initiate placeholder for non-exist images
+     *
+     * {@inheritdoc}
+     */
+    public function open()
+    {
+        if ($this->_fileName && !file_exists($this->_fileName)) {
+            $this->initPlaceholder();
+        }
+        parent::open();
+    }
+
+    /**
+     * Init placeholder
+     *
+     * @return $this
+     */
+    public function initPlaceholder()
+    {
+        // Create a 20*20 image
+        $im = imagecreate(20, 20);
+
+        // White background and blue text
+        imagecolorallocate($im, 255, 255, 255);
+        // Write the string at the top left
+        imagestring($im, 6, 6, 2, 'X', imagecolorallocate($im, 0, 0, 255));
+
+        //init directory
+        if (!is_dir(dirname($this->_fileName))) {
+            mkdir(dirname($this->_fileName), 0775, true);
+        }
+
+        imagepng($im, $this->_fileName);
+        imagedestroy($im);
+
+        return $this;
+    }
+}

README.md

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+{
+    "name": "onepica/mage2-dev-no-image",
+    "license": "GPL-2.0",
+    "description": "Fix for Magento 2. It fixes the case when there is no a required option swatch image in media.",
+    "require": {
+        "php": "~7.0.6",
+        "magento/framework": "^100.1"
+    },
+    "type": "magento2-module",
+    "version": "1.0.0",
+    "autoload": {
+        "files": [
+            "registration.php"
+        ],
+        "psr-4": {
+            "OnePica\\NoImage\\": ""
+        }
+    }
+}

composer.json

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+<?xml version="1.0"?>
+<config xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:noNamespaceSchemaLocation="urn:magento:framework:ObjectManager/etc/config.xsd">
+    <preference for="Magento\Framework\Image" type="OnePica\NoImage\Framework\Image" />
+</config>

etc/di.xml

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+<?xml version="1.0"?>
+<config xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:noNamespaceSchemaLocation="urn:magento:framework:Module/etc/module.xsd">
+    <module name="MageDev_NoImage" setup_version="1.0.0">
+        <sequence>
+            <module name="Magento_Framework"/>
+        </sequence>
+    </module>
+</config>

etc/module.xml

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+<?php
+\Magento\Framework\Component\ComponentRegistrar::register(
+    \Magento\Framework\Component\ComponentRegistrar::MODULE,
+    'OnePica_NoImage',
+    __DIR__
+);