First remove existing ImageMagick library:
yum -y remove ImageMagick* && cd /root && rm -f ImageMagick.tar.gz
Download and install the latest stable version:
yum -y install rpmdevtool libtool-ltdl-devel ImageMagick-devel freetype-devel ghostscript-devel libwmf-devel jasper-devel lcms-devel bzip2-devel librsvg2 librsvg2-devel liblpr-1 liblqr-1-devel libtool-ltdl-devel autotrace-devel freetype +bytecode librsvg graphviz gs wmf jbig jpeg2 lcms jpeg libjpeg libjpeg-devel libtiff && cd /tmp && wget http://mirror.checkdomain.de/imagemagick/ImageMagick.tar.gz && tar xvfz ImageMagick.tar.gz && cd ImageMagick* && ./configure --prefix=/usr --with-rsvg=yes --with-wmf=yes --with-png=yes --with-libtiff=yes --with-tiff=yes --with-jpeg=yes --with-jp2=yes --with-freetype=yes && make && make install && ldconfig /usr/local/lib