Panels not showing default image set in Field settings of content type The image you upload to be as a default image for all pages where you didn't upload custom images for each page, so it would show same one image from the content type settings.

It works in Preview when editing the node and it shows in non-panel pages.

In Panels it doesn't render entire field. But if you upload the custom image then it does show it. But not the default one.

I don't get it why
This is an issue with CTools. Apply the patch from Default value of image field is not shown