You want to show a red rectangle around an Image control if an image fails to load.
The following example shows how you can display an error string on the Flex Image control when an image is unable to be loaded.
<?xml version="1.0" encoding="utf-8"?>
<!-- http://blog.flexexamples.com/2008/05/03/displaying-an-error-tool-tip-for-an-image-control-in-flex/ -->
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml"
layout="vertical"
verticalAlign="middle"
backgroundColor="white">
<mx:Image id="img"
source="http://www.helpexamples.com/flash/images/404.gif"
width="160"
height="120"
ioError="img.errorString = event.text;" />
</mx:Application>
The error string only appears if you hover your mouse over the broken image skin.
For more information, see "Displaying an error tool tip for an Image control in Flex" on FlexExamples.com.