People has flagged elsewhere this issue and you have rebuilt Emacs to fix it... But have you verified that the build support really ImageMagick?
Just a few minutes ago:
$ MINGW_INSTALLS=mingw64 makepkg-mingw -sLf
[...]
==> Estrazione dei sorgenti in corso...
-> Estrazione di emacs-24.5.tar.xz usando bsdtar in corso...
==> Avvio di prepare() in corso...
patching file src/image.c
patching file src/lread.c
patching file admin/unidata/Makefile.in
patching file ./configure.ac
patching file ./lisp/international/w32-ime.el
patching file ./lisp/language/japan-util.el
patching file ./lisp/loadup.el
patching file ./lisp/startup.el
patching file ./src/frame.c
patching file ./src/frame.h
patching file ./src/keyboard.c
patching file ./src/lisp.mk
patching file ./src/w32fns.c
patching file ./src/w32font.c
patching file ./src/w32font.h
patching file ./src/w32term.c
patching file ./src/w32term.h
patching file ./src/window.c
patching file ./src/xdisp.c
patching file lisp/term/w32-win.el
patching file src/gnutls.c
Checking whether you have the necessary tools...
(Read INSTALL.REPO for more details on building Emacs)
Checking for autoconf (need at least version 2.65)...
ok
Checking for automake (need at least version 1.11)...
ok
Your system has the required tools, running autoreconf...
You can now run `./configure'.
==> Avvio di build() in corso...
configure: loading site script /mingw64/etc/config.site
checking for xcrun... no
checking for a BSD-compatible install... /usr/bin/install -c
[...]
Configured for `x86_64-w64-mingw32'.
Where should the build process find the source code? ../emacs-24.5
What compiler should emacs be built with? gcc -pipe -O3 -fomit-frame-pointer -funroll-loops
Should Emacs use the GNU version of malloc? yes
Should Emacs use a relocating allocator for buffers? yes
Should Emacs use mmap(2) for buffer allocation? no
What window system should Emacs use? w32
What toolkit should Emacs use? none
Where do we find X Windows header files? NONE
Where do we find X Windows libraries? NONE
Does Emacs use -lXaw3d? no
Does Emacs use -lXpm? yes
Does Emacs use -ljpeg? yes
Does Emacs use -ltiff? yes
Does Emacs use a gif library? yes
Does Emacs use a png library? yes
Does Emacs use -lrsvg-2? yes
Does Emacs use imagemagick? no
=============== ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ =======
Does Emacs support sound? yes
Does Emacs use -lgpm? no
Does Emacs use -ldbus? yes
Does Emacs use -lgconf? no
Does Emacs use GSettings? no
Does Emacs use a file notification library? yes (w32)
Does Emacs use access control lists? yes
Does Emacs use -lselinux? no
Does Emacs use -lgnutls? yes
Does Emacs use -lxml2? yes
Does Emacs use -lfreetype? no
Does Emacs use -lm17n-flt? no
Does Emacs use -lotf? no
Does Emacs use -lxft? no
Does Emacs directly use zlib? yes
Does Emacs use toolkit scroll bars? yes
Does Emacs support W32-IME? yes
Does Emacs support RECONVERSION? yes
Does Emacs support DOCUMENTFEED? yes
[...]
and obviously:
$ pacman -Ss magick
mingw32/mingw-w64-i686-graphicsmagick 1.3.24-1
An image viewing/manipulation program (mingw-w64)
mingw32/mingw-w64-i686-imagemagick 7.0.1.10-1
An image viewing/manipulation program (mingw-w64)
mingw64/mingw-w64-x86_64-graphicsmagick 1.3.24-1 [installato]
An image viewing/manipulation program (mingw-w64)
mingw64/mingw-w64-x86_64-imagemagick 7.0.1.10-1 [installato]
An image viewing/manipulation program (mingw-w64)
MSYS2 people, you have a problem!
We're missing
/mingw{32,64}/lib/pkgconfig/Wand.pcfor some reason.So the issue turned out to be that current emacs doesn't support ImageMagick v7, as others discovered as well. There are some efforts to port, but they don't seem to be entirely successful.