It appears that image magick treats png greyscale files as being linear greyscale, instead of the normal srgb-ish gamma of 2.2
Probably a bug in image magick. I Think its fixed in 6.9.0-1 but haven't tested [Edit: I've now tested and can confirm upgrade would fix] ( See http://www.imagemagick.org/discourse-server/viewtopic.php?f=3&t=26576 ). So probably we just need to upgrade.
https://commons.wikimedia.org/w/index.php?title=Commons:Village_pump&oldid=166488123#Image_rendering_issues
https://commons.wikimedia.org/w/index.php?title=Commons:Graphics_village_pump&oldid=166489831#PNG_darkness_at_preview_sizes