I think that href images are (correctly) blocked, because they pose a security and privacy risk. That, and the only group who uses them are email marketers. If I want to see your catalog, I'd open your website.
You might have guessed, but yes, I do mark those image-mails as spam (and any mail where I can't find and 'unsubscribe' within 2 seconds).
I wonder if Americans have less trouble with this. When I was last in NY the quantity + obnoxiousness of the advertisements shocked me - we're more used to being blitzed by Germans, not by marketing. Compared to that having an inbox full of brightly colored marketing mails is restful..