The design-time preview of the PictureBox throws a null reference exception when it has a binding that changes its value based on one of the fields from the data source. The preview incorrectly tries to respect this binding which will not work in design time as the data is not fetched at this point. Instead, the design-time preview should use the default value from the Value property of the PictureBox, which is what the standalone designer does.

This does not affect the actual report preview.