GRAPHIC and VARGRAPHIC are data types for strings that encode characters in UTF-16. Since you have binary data and not character data, you don't want to use those types.
The question is rather whether to use BLOB or VARCHAR FOR BIT DATA. And here the answer depends on the size of the images. If they are really small, you could use VARCHAR FOR BIT DATA. The benefit is then that all images are stored like regular data together with the rest of the row and go through the buffer pool. With BLOBs, DB2 will store internally a LOB locator in the row itself and has to access the BLOB separately. The latter case is going to take longer, but it may reduce the average row size and, thus, more rows may fit on a page and data access that doesn't need the BLOBs may be better because less disk I/O is needed.
Another question is which DB2 version on which platform you are running. There are options to use "inlining" for (the first part) of BLOBs, which gives you the same benefits as VARCHAR FOR BIT DATA while keeping the flexibility of storing longer BLOBs = larger images.