According to the National Institute of Standards Technology (NIST), current DVD/CD technology is suitable for archiving data, including images, for decades and possibly as long as the 50 to 100 years or more that some manufacturers claim for product longevity.
To attain this level of longevity, you must use products resist the rigors of aging, protect your from bad handling, solvents, inks (particularly markers and pens), direct sunlight, direct high intensity light, heat, and humidity.
I would recommend that for archival purposes write-once CD-R and DVD-R/DVD+R rather than the RW/+RW be used.
Why do disks deteriorate? Recordable and rewritable CD and DVD discs are assembled using a layer of organic dye. The organic dye's transparency property is modifiable using high-energy “write” lasers. A plastic melting process locks in the resulting unmodified and modified areas of the recorded surface. Lower powered lasers are used to read this locked in information by reflecting the laser off a reflective silver or gold or a combination alloy. The reflected beam is interpreted as 0 or 1 bits of information that makes up the data which may be audio, images or video or a combination of the above.
These organic dyes, like any dyes change or fade over long periods of time as part of a natural process. This process can be speeded up by exposing the dyes to high intensity light, UV rays, humidity.
Another factor that needs serious consideration is the physical handling of the media. A major culprit of data loss is the bending/flexing of the media when removing or replacing it in the plastic center hub type jewel cases. This flexing causes finer than hairline cracks - these cracks allow humidity to enter the layers and cause layer separation and deterioration. DVD media is far more susceptible to this than is CD media. Notice how DVD cases have retracting center hubs - this to prevent the use of additional force to remove the media from the hub.
A few tips that will extend the life of archived images: