The link to noimage.gif is broken because the link to the assets folder is wrong. In BE in the VM configuration I get the following message:
vmError: File not found /www.mydomaine.com/assets/images/vmgeneral/noimage.gif
The path to the component (com_virtuemart/) is missing.
J 5.4.5
VM 4.6.8.11258
Same here.
On 4.6.8 the image path is img src="/assets/images/vmgeneral/noimage.gif", while on 4.6.6 it was "/components/com_virtuemart/assets/images/vmgeneral/noimage.gif".