Changed the location of the missing image

oscar/defaults.py

 # Paths
 OSCAR_IMAGE_FOLDER = 'images/products/%Y/%m/'
 OSCAR_PROMOTION_FOLDER = 'images/promotions/'
-OSCAR_MISSING_IMAGE_URL = '/static/oscar/img/image_not_found.jpg'
+
+# Copy this image from oscar/static/img to your MEDIA_ROOT folder.
+# It needs to be there so Sorl can resize it.
+OSCAR_MISSING_IMAGE_URL = 'image_not_found.jpg'
 OSCAR_UPLOAD_ROOT = '/tmp'
 
 # Search settings