If you have a blank box shaped/sized like the graphic or image, you have Show picture placeholders enabled (a feature for slow Internet connections).
Check your Picture Placeholder setting in Outlook
- Click the New Email button
- Go to the new message's File, Options dialogue.
- Click Mail, then Editor Options
- Select Advanced and look near the bottom of the dialogue for the option to Show Picture Placeholders.
- Uncheck the box to Show picture placeholders
- Close the dialogue then close the message.
After changing the settings, close the message. Do not send it!
You need to close the message to change the global setting.