`epstopdf` can't handle paths going up in the file hierarchy: pdftex.def error

I try to include *.eps files from several directories, but epstopdf seems to be able to only go down the file (system) hierarchy, whereas some files are placed in paths I had to symlink into my LaTeX working dir. But symlinking files and dirs for not needing to think about paths and file locations is not exactly brilliant in the long term. (I’m struggling with some other issues apart from (La)TeX I could solve with symlinks.) Symlinking would simply create some continuously growing mess over time…

How to

LaTeX Warning: File `Curves.eps' not found on input line 11.
Package epstopdf Info: Source file: <Curves.eps>
(epstopdf) Output file: <Curves-eps-converted-to.pdf>
(epstopdf) Command: <repstopdf --outfile=Curves-eps-converted-to.pd
f Curves.eps>
(epstopdf) includegraphics on input line 11.
Package epstopdf Info: Output file is already uptodate.
! Package pdftex.def Error: File `Curves-eps-converted-to.pdf' not found: using
draft setting.
See the pdftex.def package documentation for explanation.
Type H <return> for immediate help.
...
l.11 includegraphics{Curves.eps}
Try typing <return> to proceed.
If that doesn't work, type X <return> to quit.

MWE.tex

documentclass[a4paper,12pt]{report}
usepackage[pdftex]{graphicx}
    graphicspath{{.}{../..}{/home/nepumuk/eps-files}{../../eps-files}}
usepackage{epstopdf}
    epstopdfsetup{update,prepend}
usepackage{float}
usepackage{lipsum}
begin{document}
    lipsum
    begin{figure}[!hbt]centering
        includegraphics{Curves.eps}
    end{figure}
end{document}

My is stored in /home/nepumuk/latex/mwe, my *.eps files are located in /home/nepumuk/eps-files.
I tried to set the absolute path in graphicspath with ~, ~ and string~ as a replacement for /home/nepumuk, but neither worked. The package somehow seems to be confused by .. in the path…