System is a Sun File x4150 with two quad-core Intel E5345  @ 2.33GHz.  Have build of -stable from today and latest portsnap as of today.  Started with an empty /usr/local and /var/db/pkg today so I can reinstall all required ports for this webserver.  Installed various other ports first as per local documentation.  ImageMagick port fails to compile as long as ImageMagick is not currently installed.  Searching on google for the quoted string "cannot find -lMagickWand" led me to believe a compile using -j was taking place and may be triggering the problem.  Indeed, I found ALL_TARGET=     -j`${SYSCTL} -n hw.ncpu` in the port makefile, and by commenting it out, I can build it successfully.  hw.ncpu is 8 on this system.  It *does* compile with the default makefile if I already have ImageMagick installed.

..
Magick.c: In function 'XS_Image__Magick_SyncImagePixels':
Magick.c:11761: warning: unused variable 'ref'
Magick.c:11757: warning: unused variable 'ix'
Magick.c: In function 'XS_Image__Magick_Transform':
Magick.c:11824: warning: unused variable 'ref'
Magick.c:11819: warning: unused variable 'ix'
Magick.c: In function 'XS_Image__Magick_Write':
Magick.c:11986: warning: unused variable 'ref'
Magick.c:11981: warning: unused variable 'ix'
mv -f wand/.deps/wand_libMagickWand_la-montage.Tpo wand/.deps/wand_libMagickWand_la-montage.Plo
mv -f wand/.deps/wand_libMagickWand_la-convert.Tpo wand/.deps/wand_libMagickWand_la-convert.Plo
rm -f blib/arch/auto/Image/Magick/Magick.so
LD_RUN_PATH="/var/tmp/ports/usr/ports/graphics/ImageMagick/work/ImageMagick-6.4.1/PerlMagick/../magick/.libs" cc  -L../magick/.libs -lMagickCore -L../wand/.libs -lMagickWand -shared  -L/usr/local/lib -L/usr/local/lib -L/usr/local/lib -R/usr/local/lib -L/usr/local/lib -Wl,--rpath -Wl,/usr/local/lib -lfreetype -lz -L/usr/local/lib Magick.o  -o blib/arch/auto/Image/Magick/Magick.so          -L/usr/local/lib -L/var/tmp/ports/usr/ports/graphics/ImageMagick/work/ImageMagick-6.4.1/PerlMagick/../magick/.libs -lMagickCore -L/var/tmp/ports/usr/ports/graphics/ImageMagick/work/ImageMagick-6.4.1/PerlMagick/../wand/.libs
/usr/bin/ld: cannot find -lMagickWand
*** Error code 1
1 error
*** Error code 2
mv -f wand/.deps/wand_libMagickWand_la-mogrify.Tpo wand/.deps/wand_libMagickWand_la-mogrify.Plo
1 error
*** Error code 2
1 error
*** Error code 2

Stop in /usr/ports/graphics/ImageMagick.
*** Error code 1

Stop in /usr/ports/graphics/ImageMagick.
272.407u 47.864s 1:20.41 398.2% 6608+10564k 2+417io 12pf+0w

Fix: 

Workaround:

Comment out ALL_TARGET in port Makefile
How-To-Repeat: cd /usr/ports/graphics/Imagemagick && make clean && make