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When retrieving this property, if the DataGridViewImageCell.ValueType for the cell has not been set, then the DataGridViewColumn.ValueType for the owning column is used, if it exists. If no owning column exists, the default value type is used, which is the System.Drawing.Image type if the DataGridViewImageCell.ValueIsIcon property is set to false and the System.Drawing.Icon type otherwise.
The DataGridViewCell.Value is the actual data object contained in the cell, whereas the DataGridViewCell.FormattedValue property is the formatted representation of this object. The DataGridViewImageCell.ValueType and DataGridViewImageCell.FormattedValueType properties correspond to the data types of these values, respectively.