Same issue, except it sometimes shows nothing but a solid color. This is a duplicate of issue #0001542.

I have also had this problem and I know how to fix it: Go into your video settings. The moment I enter my video settings it corrects itself, as if the settings are wrong and are not being confirmed/registered/activated/etc. until I go into the video settings.

I had this issue with a backpack as well. I believe it was caused by me dragging the backpack to my inventory rather than my body. I resolved the issue by dragging the backpack from my inventory to the vicinity (all within the Gear Menu) and dragging the backpack onto my character avatar.

I also noticed this at Zub.