There is a discussion forum on how to use Source/Version Control System for Game Assets:
http://www.gamedev.net/topic/513765-asset-management/
After going through the various discussion, I propose the following:
1. Version control to be used by programmers only:
The programmers will check-in everything including the integrated game asset to work well with their version of code.
2. File server to be used by artist for their daily work:
The artists' artwork in progress should be loaded and saved from/into the mapped folder and not in their local PCs.
The file server need to be backup regularly to allow the artist to fall back on any over-written artwork.
3. Digital Asset Management to be used to upload final artwork cum source by artist only.
This system will allow artists to browse through the company digital library and re-use digital assets.
A list of open source DAM systems
http://www.opensourcedigitalassetmanagement.org/reviews/available-open-source-dam/