Index: contrib/admin/widgets.py
===================================================================
--- contrib/admin/widgets.py	(revision 11228)
+++ contrib/admin/widgets.py	(working copy)
@@ -147,7 +147,10 @@
             
     def label_for_value(self, value):
         key = self.rel.get_related_field().name
-        obj = self.rel.to._default_manager.get(**{key: value})
+        try:
+            obj = self.rel.to._default_manager.get(**{key: value})
+        except self.rel.to.DoesNotExist:
+            return ''
         return '&nbsp;<strong>%s</strong>' % truncate_words(obj, 14)
 
 class ManyToManyRawIdWidget(ForeignKeyRawIdWidget):