iphoto to photos: where are files stored? I migrated my iPhoto library to Photos 1.5.  Where are the original image files stored?  I've searched the file system for specific file names and don't find anything.  The menu item 'show referenced file in finder' is greyed out.
The original images are stores in:

/Users/USERNAME/Pictures/Photos\ Library.photoslibrary/Masters/

If you're having trouble with that, I would suggest opening a Terminal and searching manually in your user directory:

find ~/ -name '.jpg' -o -name '.png' -o -name '*.tif' 

It find everything that ends in .jpg, .png or .tif in your /Users/USERNAME/