When i had contacts stored 'locally' in my .pst file and hence in my 'personal' Contacts folder, then upon receiving a new email, the contact picture was shown on the header of this email message.
Now i have deleted all my 'local' contacts and use a list from a shared-contacts-folder. Now all contact pictures have been replaced by a grey-white avatar (as if i had never stored contact pictures)
Each contact used to have either his/her company logo as a picture or his/her face, depending on availability
The Shared-Contacts-Folder that contains all contacts is the following: