Natural images are characterized by the multiscaling properties of their contrast gradient, in addition to their power spectrum. In this Letter we show that those properties uniquely define an intrinsic wavelet and present a suitable technique to obtain it from an ensemble of images. Once this wavelet is known, images can be represented as expansions in the associated wavelet basis. The resulting code has the remarkable properties that it separates independent features at different resolution level, reducing the redundancy, and remains essentially unchanged under changes in the power spectrum. The possible generalization of this representation to other systems is discussed.