jQuery: Check if image exists

I'm loading an image path via jQuery $.ajax and before showing the image I'd like to check if it in fact exists. Can I use the image load/ready event or something similar to determine that the file path is valid?

Having .myimage set to display: none, I'm hoping to do something like

$(".myimage").attr("src", imagePath);
$(".myimage").load(function() {
    $(this).show();
});

Is anything like that possible?