If anyone comes to this page looking to do this in a React-based client, you can do something like the below, which was an answer original provided by Sophia Alpert of the React team here
getInitialState: function(event) {
return {image: "http://example.com/primary_image.jpg"};
},
handleError: function(event) {
this.setState({image: "http://example.com/failover_image.jpg"});
},
render: function() {
return (
<img onError={this.handleError} src={src} />;
);
}